A surge of new homes has hit the London market, with one in five properties listed in the past month as sellers respond to strengthening demand.
Research from Benham and Reeves shows that 19% of the capital’s current stock has been added in the last 30 days, equivalent to more than 22,000 homes.
In total, around 115,560 properties are currently for sale across London.
Demand remains robust, with 26.8% of listed homes already sold subject to contract.
STRONG ACTIVITY
Activity is strongest in outer boroughs. Bexley leads with 47.8% of homes already sold, followed by Waltham Forest(46.7%), Havering (46.3%), Sutton (40.9%) and Bromley (40.3%).
Sutton has also seen the biggest influx of new listings, with 23% of homes added in the last month.
Other boroughs including Waltham Forest, Bromley, Richmond upon Thames, Havering, Kingston upon Thames, Southwark, Barking and Dagenham and Wandsworth have all seen around 21% of stock come to market over the same period.
MOMENTUM IS BUILDING
Marc von Grundherr (main picture), Director of Benham and Reeves, says: “London is often one of the slower markets to respond when conditions begin to improve, but we’re now seeing clear signs that momentum is building across the capital.
“The combination of steady house prices, stronger wage growth, improved mortgage affordability and a more stable political backdrop following the Autumn Budget has helped restore confidence on both sides of the market.
“Buyers have remained active throughout, and sellers are now responding in greater numbers, encouraged by the fact that well-priced homes are continuing to secure interest at a healthy pace.
“What’s particularly notable is that we’re seeing this renewed confidence spread across a broad range of boroughs, rather than being concentrated in just one or two pockets of the market.
“That suggests this isn’t simply a short-term flurry of activity, but the early signs of a wider return to form for London as we move through the year.”
