Chestertons reports 22% drop in London buyer registrations in July
This was the largest decline since November, when registrations dropped by 29% ahead of the Budget.
Chestertons reported that the number of prospective buyers registering across its London branches fell by 22% year-on-year to 1,740 in July.
This was the largest decline since November, when registrations dropped by 29% ahead of the Budget.
Rental demand stayed steady in July after a strong rebound in May and June, following the introduction of the Renters’ Rights Act, according to Chestertons’ latest monthly survey.
Portal enquiries dropped 7% year-on-year in July.
These had risen by 17% in May and 10% in June after the new rules came in.
Katinka Hill, head of lettings at Chestertons, said: “Activity seen immediately after the legislation was introduced in May eased off in July, however in the first ten days of August our branches have seen applicant registrations up 18% year-on-year which is in line with the seasonal summer uptick we would expect at this time of year.”
Adam Jennings, head of residential at Chestertons, said: “The clarity provided so quickly into Andy Burnham’s tenure should, in theory, help people who are thinking of buying.
“The lesson from last year was that people don’t want to make a big decision in uncertain times when so much money is at stake.
“Inevitably, they are inclined to ‘wait and see’.”
Jennings added: “By ruling out changes to Stamp Duty in the upcoming Budget, the Prime Minister has removed a significant question mark for buyers.
“Hopefully, that position remains in place for at least the next 12 months and gives the market the certainty it needs.”
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