In this month’s guest blog, the team at Marsh & Parsons Tooting discuss how the UK’s current political landscape is shaping Tooting’s property market in 2020.
 

Now the dust has settled on 2019’s general election result and a new government is in place, we’re starting to see some more movement in the Tooting property market.

“So far this year, people’s attitude towards the market is much more positive,” says our Sales Manager John-Paul Burrough. “The team have had 78% more buyer applications in January this year than in January 2019, and people are moving fast. We’ve had 13 offers made over four days, and more than 50 viewings on one property alone. So far, the majority of people who are looking to buy in Tooting are first-time buyers taking advantage of stamp duty relief and low interest rates.”
 

Tooting’s vendors are also demonstrating improved faith in the market. We’ve had a 40% uplift in instructions in January this year compared to last year, an encouraging sign of things to come. John-Paul says this increased supply should prevent prices from rising, but will make for a return of healthy activity to the market.

What’s happening in Tooting is reflective of the wider London market. Overall, we experienced a 75% increase in applicant registrations over the Christmas period of 2019-2020 in comparison to the same period last year. Marsh & Parsons now has, on average, 15 applicants per property.
 

This is a clear indication of confidence returning to the market, explained by contrasting the differing political landscapes of 2018 and 2019. In 2018, the government suffered a series of defeats on its Brexit deal, and a vote of no confidence confirmed the loss of the support of a third of Conservative MPs.

One year later, the Conservative party secured a majority of 80 in December’s election and then passed the Brexit withdrawal agreement by 358 to 234. It’s clear that a government with a strong majority (and with the uncertainty surrounding Brexit having somewhat subsided) has led to an increase in buyer confidence and renewed interest in London’s property market.
 

If you would like to discuss the Tooting property market, you can reach John-Paul Burrough and the Tooting sales team on 020 8115 8053.

Marsh & Parsons Tooting is an award-winning estate agent and one of our valued Community Partners. Find them at 29-31 Upper Tooting Road, SW17 7TS. Call John-Paul (sales) or Matthew (lettings) on 020 8115 8053.

Click here to view local properties for sale and here for lettings.

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