Knight Frank: London sees post-election spike in demand
The London property market saw a post-election spike in demand as the number of prospective buyers hit a 15 year weekly high, Knight Frank statistics have shown.
Those registering with Knight Frank in London rose to its highest weekly total in more than 15 years in the second week of January.
The figure was 92% higher than the equivalent week last year, and 95% up on 2018.
This was accompanied by a post-election jump in exchanges in Prime Central London (PCL).
In the ten working days following the election, Knight Frank carried out more sales in PCL than any equivalent ten-day period since December 2016
Overall, the number of exchanges in prime London markets was 14% higher last year than in 2018 and the highest annual total since 2014.
Tom Bill, head of London residential research, said: “Although demand has surged in the weeks following the election result, this trend is unlikely to produce any material impact on prices in the near-term.
“Uncertainty remains in relation to a possible stamp duty hike for overseas buyers as well as continuing Brexit-related ambiguity.”
On the lettings front the number of properties in London valued by Knight Frank for prospective listing reached its lowest monthly total in more than eight years in December.