Strongest evidence yet that London’s property market is being revived
2019 was a year fuelled by political turmoil and Brexit uncertainty, so the immediate turnaround and significant improvement in the UK property market this year is a fairly unexpected, but welcome change.
The latest figures relating to new home developments, completions and sales confirm an influx in buyers and sellers within the capital city´s property market.
According to residential development researcher, Molior London, the last quarter saw property developers break ground at 5,275 new home sites; 12 per cent higher than the three months prior.
In the first quarter of this year, property sales increased by 25% to 5,684: the highest number since Q1 2018. Completions were also up at 6,153.
The figures support the idea that confidence in the market has been restored since the Conservative Party´s landslide election win back in December, fuelling a so-called “Boris Bounce”.
Recent statistics from the UK property market have shown that currently, Britain is seeing the highest buyer interest in 15 years, and house price growth is at a 14-month high, rising at its fastest rate in 18 years.