While these are challenging times, there are still reasons to be positive about the London housing market. Information provided by Land Registry suggests prices continue to rise in the capital, and there is considerable activity in London.
It is important to acknowledge the impact of remote working, and how some people might leave the capital. However, it is also important to note London has a lot going for it, and many people will look to live in the heart of the capital, no matter what.
Land Registry information suggests the average price of London property stands at £496,486. This represents a 4.1% increase on the annual figures, while there was a monthly rise of 0.8%. This takes the figures to the highest they have been.
The property price figures in London are more than £30,000 higher than they were when the housing market reopened after the earlier lockdown this year.
Some of the areas which experienced considerable growth and development in the capital are Hackney, with a 9.1% increase, Islington, with an 8.5% rise, Ealing, with a 7.2% increase and Waltham Forest, which experienced a 6.9% increase.
It is fair to say the lockdown period has shaped market demand, and what buyers are looking for. Space is vital for buyers, and of course, in London, space is often at a premium. There is still cause for optimism though, and if you are looking for assistance in the London housing market, we are here for you.
Guy Gittins, is the managing director of a London based estate agents, and he said; “[Our] enquiries in September were 39 per cent higher than in September last year. The experience of lockdown has made many people realise that their current homes are not ideal in terms of both indoor and outdoor space in the event of a further full-scale lockdown. Some households are also taking the opportunity to move away from central London to more suburban areas in London and beyond.”
Guy Gittins also said; “[Our company] has seen increased demand for family homes in south-west London locations like Barnes, Putney and Kew. The attraction of up to a £15,000 saving on stamp duty is also motivating buyers to act in time to complete before the end of March when the stamp duty holiday is due to end.”
Jonathan Hopper, chief executive of buying agents Garrington Property Finders, said; “Of all the unexpected consequences of Britain’s Covid crisis, the house price boom is perhaps the most surprising. The Land Registry’s data confirms that the surge in prices is real and sustained. In the 12 months to the end of September, prices rose nearly four times faster than they did in the year leading up to the UK’s Covid outbreak. And the annual pace of price growth is now an incredible eight times faster than it was during the depths of the first national lockdown. Not even during the frothiest days of the pre-Financial Crisis boom did price growth jump so far, so quickly.”
We know these are challenging times for the property and rental market. At Love Your Home, we are keen to maintain a high standard of service for all our clients. As well as helping people now, we will review the changes likely to occur in the