It is good to be back!

The government’s announcement in mid-May that property viewings could recommence in England has enabled the comatose London property market to slowly come back to life….

As expected, there is speculation about how the property market will fare and what implications this lockdown will have on the wider economy, short, medium and long term. The reality is that no matter what people say, we are all in unchartered waters.

Jan 2021: London Housing Market

London is in lockdown but the housing market has still managed a strong start of the new year. 
 
Currently, demand for property, especially outside Central London, continues to be strong and is seeing the biggest price surges.
 
The phone may not be ringing as much but Rightmove has reported visits to its site are up by 33%, inquiries to agents up 12%, and the numbers of actual sales are up 9% compared to January last year. Buyers are definitively more committed and efficient.

Leasehold reform is coming...

Amongst all the recent news about the property market, it has gone somehow unnoticed that the government is finally changing the medieval system of leasehold.
 
This feudal system of homeownership, which is very peculiar to the UK, dates back 1000 years and simply grants the buyer of a property that is a leasehold (mostly flats) the right to live in a property for 99 to 9999 years. Every year the lease goes down and the property eventually becomes less valuable.
 
Until now, if you buy a property with a lease that is shorter than 80ys old, you needed to enter into costly legal fees & other charges while negotiating a sum with the freeholder.
No MORE.

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