London Property Market
There is no denying it; we are currently living in a world of uncertainty. With unemployment on the rise, people’s circumstances changing daily and a recession on the horizon, it can be difficult to know how the rest of the year will play out.
The performance of London’s property market has always set the tone for the rest of the country. The capital is at the forefront of how buyers, sellers and renters react to sudden changes in the market.
The rental market has taken a hard hit; following months of worry and ambiguity, renters are either moving back to in with their parents temporarily, go into their savings or pausing/limiting rental payments. With London generally being a thriving renters hub, the effect the pandemic has had on the property market in London is powerfully palpable.
Many house sales have gone on hiatus until further notice and generally, people are staying put where possible until life returns to some sort of new normality. The social distancing measures have made viewings near impossible, but as restrictions lift, it looks as though sales will and should resume swiftly once again.
London is and will always be an attractive and lucrative place to buy, and like with other crises that have gone before, London’s housing market always flourishes in the long run.
Our experienced team ensure that they are always kept abreast of the latest trends and analysis of the market, patterns in the peaks and troughs over the years and comparisons to determine how the market is fairing at any one time. This is incredibly important for the business and for our clients to understand best practices, timings and how to plan. We also like to ensure we are fully informed on up and coming London Borough’s; where development is taking place and where the new trendy spot to live will be.
London will always have a flurry of long and short-term renter demands and whilst now is unprecedented, the demand will grow and stabilize again. It is the short-term renting options that often attract young professionals that work in the city and are looking for a solution to their housing needs, even if temporarily.
There is always excitement in the ever-changing city of London and with the lows must come the highs.
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