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.
London House Prices have smashed throughout the £500,000 mark for the 1st time ever after a staggering 4% surge in November.
The biggest rise in prices in London was in Kensington and Chelsea, where prices went up by 28.6% YOY to an average of more than £1.5m (fuelled by a number of highly priced sales)
It is also the busiest mortgage market in 13 years ...
Banks issued more loans to homebuyers in November than any time since summer 2007, according to new Bank of England figures.
The current boom has been fuelled by the release of a massive backlog of demand since the Brexit referendum, an urge to escape from small flats with no outdoor space, the rush to beat the March 31st Stamp Duty holiday deadline, and obviously the vaccination efforts. There seems to be a general hopefulness bringing a continuing optimism for the year ahead.
We continue to believe that the market will remain positive in the coming months (especially if the Chancellor decides to extend the Stamp Duty holiday) and hopefully the rest of the year while bank rates remain low.
As always, we remain cautious and realistic. There are some great opportunities out there, although not necessarily available in the public market.
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