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.

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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.

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The New Priorities in the New Normal (beyond location, location, location)

*** 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.

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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.

#propertyadvisor , #buyingpropertyinuk, #propertyfinder, #propertymarketupdate, #buyingagent, #propertysearchagent, #londonhouses, #offmarketprperties, #londonrentals

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