At Stones Residential, we like to look on the positive side of life. Here are some of the reasons why there is genuine cause for optimism in the London housing market:
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We are in spring, the busiest time of the year in the property market
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We are moving out of lockdown
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The stamp duty holiday has been extended
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The small deposit mortgage guarantee scheme will help buyers
You also have respected professionals in the property market talking with positivity and optimism.
What next for London?
Sara Ransom is a well-known name in the London property market, and she has been speaking about what comes next for buyers and vendors in the capital.
Sara said; “The London property market has been on ice for months and the pressure is building. As soon as lockdown starts to be relaxed, the housing market is going to take off in a dramatic manner.”
Sara also said; “Our prediction is things will start to pick up at the beginning of April, and that the market will be in full flow by the end of the Easter holidays. Demand is likely to exceed supply, and we expect to see price rises, especially in prime central London where prices have dropped by as much as 15 per cent due to the lack of overseas buyers.”
When it comes to property values, always a key factor for homeowners and buyers, there is optimism these figures will rise. Sara Ransom said; “Price reductions will fully reverse over the course of the next six months, and we predict that values will finish 2021 around five per cent higher than at the end of 2020.”
Will foreign investors return to London?
While no one knows what is likely to happen with any degree of certainty, there is confidence in foreign investors still viewing London as a great place to own property.
Sara said; “We expect them to return in force in April. They’re keen to buy having been unable to come to London for over a year now. It’s no secret that many Londoners have escaped the city during the Pandemic, and there’s a belief that there will be a strong desire to make a move to the country during the course of 2021. We believe that the proportion of people leaving the capital will be no more or less than in previous years. As the vaccine rolls out, and normality starts to return, the appeal of London life will re-ignite and London will become party-central.”
Sara concluded by saying; “Buyers and sellers alike should get ready for the floodgates to open, we are approaching a heady market with stratospheric levels of transactions, and significant price rises.”
Whatever your circumstances are, or what move you would like to make next; we are here for you. Stones Residential prides itself on offering the best standard of service to our clients, and we work hard to help you achieve your property goals. If you would like to arrange an appointment or get more details on how we can help you sell your property, contact us today online or by calling us on 020 8954 0045.
