The number of people looking to buy property in London has increased by 57%.
The number of tenants looking to move in March rose by 21% in March when compared to February.
The agents, Chestertons has reported that in March they saw a 39% increase in property viewings. There was also a 28% increase in the number of offers being made and a 40% increase in the amount of new properties coming to the market.
The lettings department has also seen a huge increase. They had 39% more tenants moving in and 12% more rental properties coming to the market.
The London property boom can be attributed to many factors including the extension of the stamp duty holiday, the easing of London restrictions, confidence in the vaccine rollout and the ever improving weather.
Guy Gittins, CEO of Chestertons has commented that the based on the number of transactions in the London market it is the busiest the market has been since 2006. There is also a steady influx of properties coming into the market. This will result in property prices staying flat.
He argues that based on this data we can tell that many are preparing for life after lockdown. It is pretty clear that having a suitable property is a top priority for many.