New Year, new plans and new resolutions has always been the way for most. However, when it comes to peak browsing times online for property, the period between Christmas and New Year is now becoming one of the busiest. Conversations around the roast turkey can range from “this time next year we should get our own place together” to “I really fancy living in a city than having a long commute every day” or “wouldn’t it be great if we had a little more space for the relatives to stay” …OK, the last one probably doesn’t happen so much!
Residential rental demand in Fitzrovia is set to surge with the much anticipated completion of local developer Great Portland Estate’s Rathbone Square development. This landmark mixed use scheme, which is Great Portland’s largest ever development project is set to become Social media giant Facebook’s new London HQ. Taking 230,000 sq ft of office space at a rent of £17M per year, Facebook have hired an additional 500 staff, including engineers, marketers and sales teams to work in their dazzling new HQ.
Many people often flirt with the idea of reduced commuting times by moving more centrally, either as a pied a terre or to sacrifice space for location. Just imagine all those Christmas drinks and meals that are on your agenda and how you could walk home after, instead of catching the last train and remembering not to fall asleep and ending up in Portsmouth or beyond!
I’m disappointed the Chancellor hasn’t decided to make changes to resolve the higher price brackets of stamp duty by trying only to help first time buyers, which will continue to reduce transaction levels in central London property.
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.
As we approach the end of the year we’ve seen an increase in buyers looking to close on purchases so they can move into their new properties by Christmas. With the Oxford Street lights now on, time is ticking.