While there is an awful lot of talk about the London property market, it isn’t a single market, it is a market made up of many different areas.
No matter which area of London you look at, there are reasons to stay there. A household’s decision might be made on budget, convenience, a desire to benefit from a particular amenity or facility, their family or any number of things.
There is no point in arguing that one area is better than another, because while that might be true in your view, another person will make a compelling argument based on their needs.
However, it is possible to look at the market collectively, and make observations. There is a marked divide between the east and west of London. This has long been the case, and your thoughts on the matter might relate to things you’ve seen or known for a long time.
Have you re-evaluated what matters to you?
Of course, the pandemic has caused all to re-evaluate what is important to us, and what matters in life. It shouldn’t be a surprise to learn people have looked at where they live, and perhaps decided a change would do them good.
One London property market professional claims to have experienced a larger number of prospective buyers, currently based in the east, looking for property in the west of the capital.
George Franks, co-founder at Radstock Property, said: “It’s well known that the pandemic has changed the way we work and has influenced what people are looking for in property as a result. In London, we’re seeing a material increase in City workers who live close to the office as they have traditionally spent so much time there, now moving to West London where they tend to shop and socialise. They are able to do this as they are increasingly working remotely and are not chained to their desks from dawn to dusk each day.”
Settle where is best for you
This approach makes sense. If you no longer have to head into the office every day, your home doesn’t need to be as convenient for your property. Therefore, a lot of households will decide that they can make more out of life by basing themselves closer to the other things they do in life.
This won’t be the case for everyone. Many people are settled where they are, and have developed a close network of friends and family members around them. However, with remote working becoming a key factor in life, buying decisions don’t have to revolve around work.
George Franks continued by saying; “This trend has really accelerated during the past three months, as it has become clearer that the ‘Zoomification’ of work will not suddenly end once the pandemic is over. It’s no exaggeration to say we are witnessing a fundamental recalibration in the capital’s property market.”
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.
