There is no denying the London housing market is at the heart of the national market, but also stands apart from it. In recent months, many media outlets have predicted people will leave London in high numbers, heading for a more rural setting.
The impact of the lockdown period, and an increased availability of remote working, has created freedom and a desire for space in the London housing market. It is inevitable some London homeowners will sell up and move on.
However, there is still significant demand for property in the capital. The stamp duty saving has helped people lower the cost of buying property in the capital, and there are some areas where homes are more spacious.
Overall, there is an increase in London property prices. 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 parts of London are faring well
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.
Rightmove discussed the Belsize Park housing market, at the end of November 2020, by saying; “Properties in Belsize Park had an overall average price of £1,192,901 over the last year. The majority of sales in Belsize Park during the last year were flats, selling for an average price of £949,898. Terraced properties sold for an average of £2,256,950, with semi-detached properties fetching £3,515,000. Overall, sold prices in Belsize Park over the last year were 6% up on the previous year and 3% down on the 2017 peak of £1,232,989.”
Industry professionals are optimistic
Guy Gittins, is a well-known name in the London housing market, 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.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
