£7bn estate agent expects 30 per cent rise in London housing market via mini-budget

London based independent chartered surveyor and estate agent Dexters says that the Government’s tax cuts announced in the 2022 mini-budget will help to “enhance confidence” in London’s housing market and could boost deals by up to 30 per cent over the next 12-18 months.

Andy Shepherd, CEO of Dexters commented: “Dexters welcomes the new tax and energy bill measures announced by the UK government which we believe will help to further enhance confidence in the London housing market at all price levels.

“The changes to Stamp Duty will encourage and support first time buyers to own a home and encourage more sellers to come to the market.”

“London’s residential property market has rebounded strongly since the COVID-19 pandemic, and we forecast that the latest initiatives will encourage even more people to look at buying and renting homes in the capital and give owners confidence to list their property for sale.

“The capital will see a buoyant housing market for the remainder of 2022 and into 2023. Even with increasing activity we will still remain significantly below the peak transaction levels seen between 2004 and 2007.”

As a group, Dexters agrees sales on over £7bn worth of property in London and the surrounding commuter region a year.

Dexters highlighted that the London housing market continues to be strong, as evidence of this in August 2022 the group’s sales transactions were up 83 per cent on the same month in 2021 and during August 2022 the business sold over £532m worth of property across London for clients.

Over the last three months the business has had over 42,000 new sales and lettings registrations by customers seeking to acquire a new home in London. During August 2022 Dexters saw record property enquiries and viewing numbers.

Dexters noted that the busy market is an indication that pent up demand following the Covid-19 pandemic continues, with buyers and tenants pressing on with their property moves.

Andy added: “There is a fundamental shortage in housing stock for long-term rentals and with the increasing demand it has resulted in significant increases in rents in some local markets. Landlords continue to see London as a safe place to invest.”

By Matthew Neville – Correspondent, Bdaily

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