Economic and geopolitical uncertainty continued to influence buyer activity across London's residential property market in May, according to Chestertons latest monthly survey.
While buyer demand softened further in May compared with April, seller confidence remained resilient, with fewer vendors needing to lower their asking price, reflecting more accurate pricing from the outset.
The number of enquiries on Chestertons’ portal – the first stage in the buyer journey – fell by 17% compared with May 2025. The number of subsequent viewings and offers made fell YoY by 5.6% and 6.9% respectively.
Again, this is a pattern that has lasted several months – possibly indicating that although the sales process is taking longer to reach exchange, buyers and sellers are more committed to the process.
There was a modest 3% rise in the number of vendors making price reductions in May, but this compares with a 34% increase in April, after the economic effects of the conflict in the Middle East became more apparent.
Although there is wider statistical evidence of achieved prices softening in London – for instance, the Halifax recorded a 1.5% YoY fall in May – this suggests vendors have become more realistic in setting their initial asking prices in recent months, resulting in fewer reductions.
Adam Jennings, Head of Residential at Chestertons, said: "Although some buyers are taking longer to make decisions, demand remains for quality homes that are priced appropriately. The stabilisation in the number of sellers reducing their asking prices suggests that pricing expectations are becoming more realistic, helping to create a healthier and more balanced market."