London sees significant boost in the number of prospective home buyers

The number of people looking to purchase a home in London is rising – with March seeing three times as many registrations to buy a property as January.

The capital’s property market is demonstrating its strength despite the imminent rise in Stamp Duty charges for buy-to-let landlords and second home owners – and ongoing uncertainty around the effect this will have. 

Stephen Ludlow, Chairman at ludlowthompson, comments: “Anyone fearing a slowdown in the market as April approaches can breathe a sigh of relief.

“While this winter has seen a rush of BTL landlords snapping up properties before the introduction of high Stamp Duty charges, those looking for a home of their own have been waiting on the sidelines.

“With the initial surge in activity to beat the Stamp Duty changes slowing down, there is now strong, healthy demand from potential home-owners, including first time buyers who are taking advantage of government schemes such as Help to Buy.” 

While London in general is enjoying high interest in home purchases, East London, in particular, is increasingly becoming the destination of choice for many first-time buyers.

Stephen Ludlow, adds: “Areas across East London are growing in popularity and many first-time buyers are looking here for their first home. These areas offer some of London’s most competitive prices and with quick commutes into the City, Canary Wharf and the West End, are popular with young professionals.

“Areas with good transport links and a growing offering of bars, restaurants and cafés are seeing home purchases rising as buyers look for the next property hotspot as good investment opportunities.”