London Property Market Starts To Rebound
The London property market, which was hit the hardest of anywhere in the country by the pandemic, is on the up again, the latest figures suggest. Prime central locations are particularly in demand at the moment, according to Property Reporter. Demand has increased by 60% compared with 2019 levels.
As the vibrant cultural life, and the shops and offices, of the capital began to reopen in earnest this autumn, the demand for property in prime locations has also surged. Wealthy nationals who spent the lockdown at their country residences are looking to resume urban living, and international workers are also returning to the city in large numbers.
For those looking to invest in a so-called ‘super-prime’ property (with a value over £10m), now may be a good time to do so. Many sellers reduced their prices during the quieter months, and there are still some properties available at attractive rates. While there is an upwards trajectory, it is moving at a much slower rate than in other areas of the country.
Meanwhile, the Evening Standard reports on an overall mixed picture for the London property market. The traditional ‘leafy village’ areas of Wimbledon, Richmond, and Chiswick are proving popular, and there are also hotspots in Wandsworth Common, Barnes, and East Sheen.
Properties with five or more bedrooms in certain south and west London neighbourhoods were in high demand over the past 18 months, as buyers sought more space to work from home. The average price rose by 7.3%, compared with 2.4% for the rest of London.
According to the Standard, buyers are still looking for the typical plus points that have always made city homes desirable: proximity to green open spaces, quiet residential streets, a nearby station, and within the catchment area of good schools.
Areas that are lagging behind are those with large-scale high-rise developments, such as Canary Wharf. Experts put this down to a combination of the cladding scandal, and the rise in home or hybrid working.
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