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.
Jonathan says the overall picture is good news for renters and buyers. Thanks to an increase in stock levels, motivated people have been buying and renting despite the ongoing pandemic restrictions. Compared with last year’s figures, the number of properties available to rent shot up by 271%, while viewings increased by 48% and there was a massive, 123% increase in move in’s agreed.
Residential sales showed a similar bounce, with a 67% rise in new instructions and a 14% increase in sales agreed. However, viewings went down by 18% but this proves the people out there looking were motivated. Here’s a 3 minute capture of London’s property market update by Jonathan with all the facts and numbers explained.
A thriving housing market is an encouraging sign for the UK as a whole. Until 2020, home moves were helping to create between 8% and 9% of GDP. This was largely due to the range of supporting services involved in moving home. Jonathan says that due to the increase in market activity and a stamp duty holiday, we should be able to expect an even more significant boost for GDP in 2021.
People buying and renting homes in the central London property market want more space and better value for money. The recent increase in housing stock has, therefore, provided a greater opportunity for buyers and tenants to find their ideal home at the right price or to find an upgrade on their existing space.
Jonathan says those of us currently working from home are looking for more space, including outdoor areas or an extra room for a home office. He also reveals that some clients are downsizing in London to be able to afford a second home in the countryside or by the coast.
Jonathan is confident that once the UK’s mass vaccination programme kicks in and foreign investors start flying again there will be a strong market rebound. Once Covid-19 restrictions start to ease, confidence will build more people will make a move, change their lifestyle and live in their dream home.
Finally, Jonathan says that people who have agreed a move before the end of the year will likely look back on this period as “an early Christmas present”, offering lower prices before the confidence returns and prices start rising again.
If you’d like to talk to the team at Hudsons Property about your property plans for 2021, why not get in touch now?