And to a bright 2023!!
As we are slowly easing back into 'normal life' the press is awash with predictions (mostly gloom & doom) about the property markets.
But there is some press that focuses on facts and data... like this article from the Evening Standard (Jan 3, 2023) that lists London's most in-demand streets. No surprises to find out many of them are in RBKC & St Johns Wood, the latter having experienced a real property boom in the past 2 years.
Mayfair also continues to be in high demand as more foreigners return to London to take advantage of a lower pound and more negotiating power.
While the list of the most in-demand streets may surprise some, the reality is that they all share some similarities: they usually have large family houses which attract long-term owners, with residents raising their children in the property and selling after retirement. There is also a strong sense of community as well as historic architecture.
These streets are like gold dust because they are best-in-class and thus scarce.
Don't hold your breath for prices to fall on these streets anytime soon...
[although having a good buying agent may help you beat the queue and get a better price]
If you want to read the whole article: London Most In Demand Streets
#londonbeststreets #londonproperty #offmarketproperty #buyalondonhome #RBKC #Mayfair
*** This article was published back in June 2020***
In last week’s article, we mentioned how the London property market has arisen from lockdown and what has happened so far. Prices are more fragmented than ever, and location is no longer the main deciding factor.
These past few months, many of us have rediscovered the place we called home. Some of us have enjoyed the pleasure of home-cooking (and now need a better and bigger kitchen), others realized that working from their bedrooms long term is not sustainable, and many now want outside space. The importance of our ‘home’ and how we live our lives is now more predominant than ever.
Lockdown has brought home the need for different spaces for different family members, spaces that are fit for purpose. And not just for now but also for what might lie ahead (2nd wave?). Many homeowners have embarked in what Americans call ‘beautification’ of their homes.
Others have come to the conclusion that London is no longer for them and are behind a significant reported spike in rural inquiries, primarily in search of more space, larger gardens and home offices now that working remotely for some businesses has proved efficient. As a property consultant, I believe this is a short-term reaction. Although demand for outer zone areas in London with more green spaces and larger footprints will see a more permanent uplift.
Below is the list of priorities we believe will be the lasting legacy of Covid-19 particulary in the London property market and that go beyond simply location, location, location.