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How the pandemic affected London's property market

Sharief, one of Nested's local area managers explains how it's been an amazing year for property sellers and buyers despite the pandemic.

Ben @ Nested
Property enthusiast

In the midst of a worldwide pandemic that has seen a high cost for human life and the economy alike, it seems an unlikely time for the property market to see a boom.

However, that's exactly what we've seen happen in London in 2020. Sharief, area manager for Nested's Battersea branch, explains:

"Incredibly, 2020 has seen more properties go to market than the same period last year despite the three-month hiatus.

"The pent up demand from Brexit and the first lockdown combined with the stamp duty holiday has sent records tumbling.

"September was an extraordinary month. We saw 49,000 new properties come to market, which is the highest number in over five years.

"On the demand side, Rightmove saw the highest number of properties views in over two years. This signals both strong supply and strong demand, which together means a really strong housing market.

2020 has already had more homes go on the market despite a three-month hiatus

"In October, buyer interest on Rightmove doubled versus the same month last year. However, this was counterbalanced by competition on the selling side, with 29,000 properties reducing their prices to become more competitive in the market.

"At Nested, our properties get 40% more interest than other agents, which ultimately means more buyers through your door.

"This is driven by our top-tier photography and strong social media strategy, which helps your property stand out from the crowd and helps us to deliver outstanding results for our clients.

Nested properties get 40% more interest than other agents

"So what does this all mean for you? Well, with a buoyant market and lots of interested buyers, now could be a great time to sell. However, if you do decide to enter the market, it's really important to price appropriately.

"This will enable you to get the right level of interest for your property, and the result you ultimately want.

If you want an estate agent that uses data to get you the best possible outcome from both your sale and your purchase, book a free valuation at nested.com

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