At Stones Residential Belsize Park, we appreciate these are challenging times for everyone. The stamp duty holiday has influenced significant activity in the housing market, and many people are considering moving home.
You should always look to make an informed decision when it comes to the property market, and this is where we can help. We aim to provide you with the best standard of service when selling your home, and we stay in touch with the latest research and findings.
Belsize Park will always appeal to buyers
Belsize Park is in Zone 2, and ordinarily, this would be a good thing for people who spend a lot of time travelling in, out and around the heart of London. Belsize Park is a fantastic location with a lot on your doorstep, but with so much more in easy reach too.
However, it is fair to say the property market has changed of late. Buyer demand is different, and it is easy to see why. The impact of lockdown has changed what matters to property buyers.
People are looking for more space, inside and outside of the home.
Also, if people no longer need to travel to the office every day, it is likely there will be a big impact on where people want to live. Remote working could be the catalyst for a big change in where people want to live.
Of course, over time, things will likely settle down. While there will be many people who see this as a chance to flee the city and move to the country, there will always be a demand for homes in and around the heart of London.
An area like Belsize Park will always remain its charm and appeal for buyers, but for now, there will likely be a shift in what buyers are looking for.
Demand is increasing on the outskirts of London
This can be seen in the sharp increase in demand for homes in Zone 6. According to Rightmove, demand for property in Zone 1 has risen by just 7% but in Zone 6, the demand for property in Zone 6 has increased by 108% in the year-on-year figures.
It should be noted that the demand for property in Zone 2, the zone where Belsize Park is found, has increased by 42% on the year-on-year figures.
Rightmove’s head of property data Tim Bannister says; “Agents have been reporting a number of people selling up in the inner London zones and moving further out, but to see this reversal in the demand trend reflected so clearly in the data is quite something.”
Tim also said; “Some buyers still expecting to commute into the centre in the long term may have now adjusted their mindset about how many zones they’re prepared to move out, leading to zone 6 being the new favourite” he continues. I do think this demand will come back eventually but it’s not clear yet how long it will take.”
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.
