How will the Recession affect the price of your London Property?
It’s safe to say that the UK economy is heading for potentially one of the biggest recession since records began. Rishi Sunak has announced a fall in GDP by 20.4% in the second quarter as the effects of COVID19 took its toll.
So what does that mean for the London Housing– more specifically for you, the Central London Property Market?
We have a small window to make the most of what is without doubt a first in property history. Never before has a whole nation questioned their priorities, their lifestyle and where they want to be. Rightmove saw their busiest day 2 weeks after lockdown as more than 8 million people searched online for property in a 24 hours period.
Are people flocking to the countryside in an attempt to find space, calm and a better standard of living? Is commuting to work a distant memory? Will the commercial market crash? And.. How much of this is simply media hype!
London office workers have made the most of the blue skies and since lockdown ended enjoyed the ‘Zoom work life balance’. No longer squashed on a train, more time for fitness, family and hobbies but this is short lived. Businesses need culture, the younger generation need physical mentors and online working, whilst it was necessary during lockdown – simply won’t cut it for businesses who want to grow. People need people, structure and social interaction, it’s part of human nature. People will have to come back to the office, the commute is still necessary.
All the above collectively means the Central London Property market will keep moving. People want to walk to work, they want a pied a terre, to upsize, downsize, buy a holiday home. The government stamp duty cuts have also made a difference and given buyers the confidence they needed to take the plunge.
Figures have suggested a small decline in prices of 2% as overseas buyers take longer to come back. However, as we know - London is one of the great cities, it will always be a fantastic place to live, play and work which means property will always be in high demand.
Rob Hill at Greater London Properties..
“Strike whilst the irons hot! With everyone currently making huge life choices there are some fantastic properties coming on the market. We have seen a surge of Sales Valuation Requests across Central London, people are keen to see how much their home is worth before deciding what they want to do. We are currently offering 3 types of Social Distancing Valuations, all can be found on our website here, or else give my Sales team a call and we can happily share advice and ideas”
Greater London Properties are Central London’s largest independent Estate Agent with branches across the West End and uniquely the only shop in Soho. Founded in 2003 by Rob Hill, our team are experts when it comes to our area and our communities. All our properties are on our website glp.co.uk, else please call our Residential Sales and Lettings team on 0207 734 4062 if you would like advice on your properties.
We look forward to hearing from you,
Warm Regards
Kate Hill, Director at Greater London Properties