London rental enquiries boomed after the government announced its roadmap out of lockdown restrictions, indicating that demand for city living is set to return when normality resumes.
According to analysis by London estate agent Chestertons, there was an eight per cent surge in enquiries about rental properties and a seven per cent jump in the number of tenants registering to find a new home in the week after the announcement.
Meanwhile, there was a 20 per cent increase in the number of tenants making offers for new rental agreements compared to the previous week.
The data suggests that the drop in people moving to the capital for work during the pandemic is temporary, with young professionals set to return to London when restrictions are lifted.
Sales enquiries also jumped five per cent after the roadmap out of lockdown was announced on 22 February.
Viewings enquiries were also up seven percent, and the number of buyers making offers and homeowners requesting market appraisals increased five per cent, representing the busiest week of 2021 so far.
Activity is expected to spike further as the chancellor is expected to announce an extension to the stamp duty holiday in tomorrow’s budget.
Guy Gittins, chief executive of Chestertons, said: “The market has understandably been a lot quieter since national lockdown was imposed on 26 December but prospective buyers reacted quickly and positively when the government announced the easing of restrictions.
“There is certainly a great deal of relief that the infection numbers are coming down and vaccination numbers are going up and with a return to normality now in sight, moving home is a key goal for many.
“With the stamp duty holiday widely expected to be extended, we are anticipating market activity to pick up quickly over the coming weeks and are bracing ourselves for a busy spring.”