The London Residential Real Estate Market in Times of Covid-19
Expert buying agent, Francesca Brignone whom Almost Essential is working very closely advising clients in the London residential Real Estate market, gives us her view of the Prime Central London Real Estate situation in times of Covid 19.
“The Prime Central London residential real estate market has remained strong despite recent economic downturns. Whilst Brexit, the elections and most recently COVID-19 have each had a significant impact across all industries, the London residential market has remained steady, and prices strong.
In fact, 2020 marked the first year in recent history in which house prices and volume increased, with new instructions 3% higher than the yearly average, since 2015. What was different of course, was the time of year at which the properties came to market. The seven-week shutdown, between March and May, did see a slowdown during Q2, however, from a technological point of view, it gave the industry an opportunity to catch up and adjust itself accordingly, with virtual tours and videos quickly becoming the new norm. Keen buyers were happy to continue and, although it may seem hard to believe, successful transactions were carried out completely virtually. Following this quiet period, the market quickly picked up with transaction numbers making up for themselves in the remainder of the year.
The uncertainty over the last few years has caused the market to slightly fluctuate , however, it has remained relatively resistant to any post-Brexit related decline. Brexit aside, London holds on to its fame as a metropolitan epicentre, continuing to be the connection between Europe, the eastern world and the US, for so many reasons. From the English language, to the multitudes of culture – be it art, music, theatre, sport – everyone wants to be in London. Let’s not forget the education system, which remains a top reason for families moving to the city.
2021 has started well helped by a stronger pound. Despite a third national lockdown, the property market remains open and people keen to buy continue to do so, which is incredibly promising.
One thing we’ve definitely noticed is that that buyers’ preferences have changed. With children being home-schooled and adults working from home, the need for extra space has increased and office space and outside space are now key requirements in most searches.
With over 25 years of experience in the prime London market, HSH has developed a deep understanding and extensive knowledge and expertise of the market and its client’s needs, as well as a long-lasting relationship with agents, developers and industry insiders, enabling us to be the first people in the door in otherwise off-market properties.
Whether people are looking to buy, sell or rent, clients turn to us at Home Sweet Home for property advice from all standpoints. From our personalised and tailor-made approach for each individual property search, to negotiation, due diligence and assistance throughout the transaction, and well beyond completion, our team of property experts are there to guide you and ensure a seamless experience.”
To find the perfect property in London or the countryside, contact Almost Essential and Francesca click here