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House hunters wanting to buy a property in London this year are likely to face more competitive market conditions than in 2021. Since January, 51% more buyers have entered the market and 35% more property viewings took place compared to January last year. This level of buyer demand has created beneficial conditions for sellers and, as a result, the number of homeowners willing to drop their asking prices has dropped by 44%. At the same time, the number of available properties for sale has fallen by 8% compared to January 2021. This has led to buyers facing tougher bidding wars with fellow house hunters. Last year saw many house hunters feeling left in limbo as the impact of the pandemic created a strong sense of economic uncertainty, but since then, buyer confidence has clearly returned and there has been a drastic increase in demand for houses and apartments alike. There has been a significant increase in new buyer enquiries at the beginning of the year, which is truly remarkable and a strong indication for the market to remain buoyant for the year ahead.
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