Knight Frank revealed that the number of prospective buyers registering in London has risen to its highest weekly total in over 15 years during the second week of January.
Last week, the number of new prospective buyers was 92% higher than the same week last year, and 95% higher than the same period in 2018.
On 11 January, the number of viewings across London also rose to its third highest total in 15 years.
Christopher Burton, head of Knight Frank’s Dulwich office, said: “We have our busiest ever Saturday for viewings this week. The second half of last year was active as buyers ventured back into the market but interest has exploded at the start of this year.”
In 2019, the number of exchanges in prime London markets was 14% higher than in 2018, and the highest annual total since 2014. In December 2019, the number of exchanges for existing homes in prime central London was the highest monthly total since April 2014.
Tom Bill, head of London Residential Research, said: “The reasons for this uptick include the relatively benign global economic backdrop, ultra-low mortgage rates, the currency discount and the fact prime residential markets have re-priced in response to political uncertainty and tax changes.”
He added: “The extent of the pent-up demand that has built over 2019 could also inject more urgency into the market. In the final quarter of last year, there were 10 new buyers for every new property listed in prime central and outer London, the highest ratio in more than 15 years.”