The senior real estate agent says that even if the relaxation of restrictions, formally scheduled for June 21, is delayed for several weeks, it will not be a problem for the market.
Corey Askew, head of sales for London-based agency Chestertons, says: “Customer confidence is growing. As a result of continued high demand from home hunters, buyers are now entering the sellers’ market.
“Even if the easing of the current insulation bans is delayed, we believe the property market will remain active as buyers seek to close a deal before property prices rise.”
His comments come in response to Chesterton’s report that even in London, where the housing market has lagged far behind the recovery in the rest of the country, there are signs of improvement.
The agency says there are now 19 percent fewer sellers willing to cut asking prices, after months of relative stagnation in house prices in the capital.
Guy Gittins, CEO of Chestertons, said: “Chestertons had 38 percent more real estate on the market compared to May last year, while the total number of buyers entering the market was up 31 percent from the beginning of the year.
“Typically, the UK housing market shows a clear imbalance between the two, with demand often outstripping supply. This helped translate demand into actual sales: Chestertons sales in May were up nine percent from April.
“In 2021, we are seeing exceptional transaction volumes, with three times more buyers than usual. Views over the past three months have hit a five-year high. This led to competitive bidding, but as supply matched demand, significant price increases were contained.
“The phased cancellation of stamp duty leave does not appear to slow consumer demand and we expect the market to remain active throughout the summer. Rightmove recently reported that it had the largest national sales stream in a decade, and Chestertons’ own sales stream, in various stages of growth, grew six percent in May. “