It is hard to keep up to date with everything which has been said about the London property market, and the prime London housing market. The past two years have brought about many changes in the market, with many people predicting people would leave London in high numbers.
There is no denying that people in prime London have moved out, swapping their central London living for something more rural. Given what people are looking for in life these days, it is no surprise that a lot of people have made this decision.
Life is returning to the city
However, with life returning to the heart of the city, and optimism that 2022 will be a busy year in the capital, there is genuine belief that the prime London housing market is returning to good standing.
This corresponds with recent research which indicates prime London postcodes have performed very well over a five-year average. There is also hope that this trend will continue in 2022 and beyond as we move forward.
The NW3 postcode area doing well
One area which has been highlighted of interest in the London market is the NW3 postcode area. This is something that is hugely of interest to us at Stones Residential, because this is the postcode for Belsize Park.
The price of the average flat in this area has increased by 9.9%, which the average value of property in this postcode area has risen by 19.2%. This is a significant increase, and it goes some way to pointing out that things are moving once again in and around Belsize Park.
Craig Tonkin, is a known-name in the London housing market, and he has spoken to the Property Reporter website, saying; “London performs very independently to the rest of the UK property market and this has been well demonstrated when comparing house price growth performance since the start of the pandemic. However, the prime market also acts very independently to the wider London landscape and a combination of political uncertainty due to Brexit and a reduction in foreign buyer interest has proved more problematic across the very top tiers of the market.”
Craig continued by saying; “As a result, the prime property market has stuttered somewhat where price appreciation over the last six years is concerned and this is evident pretty much across the board. Of course, much like any segment of the market, there are those postcodes that have gone against the grain and remained in favour amongst high-end buyers to register very strong uplifts in real estate values.”
Craig concluded by saying; “We are starting to see evidence that the prime London market is now poised to make a strong return to form in 2022 and since the easing of travel restrictions interest has continued to build. Only time will tell as to the impact of the Omicron strain on this market revival but Covid uncertainty aside, the appetite for homeownership across London’s most prestigious postcodes remains strong. In the long term, we are also predicting very strong growth across all areas of the prime market. The central prime market, in particular, is forecast to perform very well having trailed more peripheral locations in recent years.”
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.
