*** 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.