London house hunters face fierce bidding wars as property market set to become hyper-competitive
House hunters wanting to buy a property in London this year are likely to face more competitive market conditions than in 2021.
Since January, 51 per cent more buyers have entered the market and 35 per cent more property viewings took place compared to January last year, according to data from estate agency Chestertons.
This level of buyer demand has created beneficial conditions for sellers and, as a result, the number of homeowners willing to drop their asking prices has dropped by 44 per cent.
At the same time, the number of available properties for sale has fallen by 8 per cent compared to January 2021. This, the firm said, has led to buyers facing tougher bidding wars with fellow house hunters.
The London areas in particularly high demand with property buyers are South Kensington, Islington, Camden, Battersea & Clapham, Fulham and Barnes.
“Last year, we saw many house hunters feeling left in limbo as the impact of the pandemic created a strong sense of economic uncertainty,” said Guy Gittins, CEO of Chestertons.
“Since then, buyer confidence has clearly returned and there has been a drastic increase in demand for houses and apartments alike,” he told Morning Wire today.
“To see new buyer enquiries of this scale at the beginning of the year is truly remarkable and a strong indication for the market to remain buoyant for at least the first half of 2022.”