2020 was a year like no other and whilst many commentators predicted a V-shape recession after the Covid-19 outbreak it has been proven to be an L-shape. A sharp dip in economies across the globe, no immediate bounce back and a prolonged down period resulted in the reality of further lockdowns globally.
As the countdown to Christmas begins, Jonathan Hudson, founder of central London estate agent Hudsons Property, reflects on the activity for the past 2 months in the West End property market.
London's property market is moving both in Central London and in the surrounding areas, including many UK coastal locations. There are buyers of all types who upgrade their homes post lockdown or consider buying second homes further out for staycations, especially as holidays abroad become more challenging to navigate.
Online marketing solutions are working well for buyers and sellers during the current COVID-19 lockdown, as they allow home seekers and vendors to prepare the ground for the predicted surge in the market activity once restrictions are relaxed.
It comes as no surprise as I write this, being a central London estate agent, that the recent Rightmove price index shows a drop in house prices for the fifth month in a row. However slight the drop, it’s the transaction numbers which really tell the story – down by 75,000 compared to June.
A lot has been said recently about why generation rent (the millennials) will not be able to get on the housing ladder. The question is do they actually want to in some cases. Some titter that if they stopped buying coffee at £4 a throw and smashed avocado on toast for a tenner they’d be in a much better position to save up a deposit to buy their own home.