Sales Market update Q1 2023

Sales are back to pre-covid levels with values in Battersea / Clapham up 2.2% on average in Q1 2023. Furthermore the number of apartments sold in London has increased by 10% since 2019 thus further showing the resilience of the London property market.

Here at Chesterfield Gordon the sales team are achieving very close to the asking price, in some cases exceeding asking price, if priced correctly.

There is definitely an appetite for buying property with majority of buyers being first time buyers which account for approximately 45% of our enquiries. Investors make up roughly 10% of our enquiries and the rest are a mixture of buyers upgrading or downsizing their next purchase.

Whilst mortgage affordability seems to be a challenge, especially for first time buyers, banks still need to lend money to ensure it is circulating the economy. According to people in the Financial Services sector more and more will introduce products to remain as competitive as possible to attract as much new business.

This will help stimulate the sales market and we are confident to see a more buoyant sales market as the year progresses.

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