Covid19 has resulted in considerable market instability over the past year as it began to have a serious impact on the economy. Has Covid affected buying property in central London? The latest reports on the property market from real estate agents, including from Marylebone Estate agents, has shown that while overall London house prices have seen a modest increase of 3% during the pandemic this is not the case for capital’s high-end market which has seen sale prices in prime property postcodes fall by around 10% in the last year. Postcodes such as Mayfair and St James have seen the greatest decline with values falling by 40%. However, price reductions have not been seen in all areas of central London with some, such as postcodes in Chelsea, recording increases in prices.
While the UK market overall has fared reasonably well in the face of the impact of Covid19 and a stamp duty holiday has bolstered demand, restrictions on travel have impacted foreign buyers who were responsible for much of the demand in high-end properties in the city. For local buyers, however, this has meant that London has become more attractive because property values have fallen significantly as a result of the pandemic and lessening interest from foreign investors.
The situation with Covid19 at the moment suggests that the number of tenants looking for property in London and those looking to buy this summer is likely to be at or slightly above normal since there is a lot of pent-up demand as people are freed from lockdown restrictions. Rental levels are expected to be maintained as normal trade resumes and prospective tenants re-enter the market.
Some real estate agents are anticipating price rises of up to 10% in Spring. Demand for property is likely to be very high all across the entire central London area and plenty of activity is expected as soon as the lockdown ends. Some agents expect to still achieve good prices for property, with some anticipating the same price levels that were seen before the impact of the pandemic.
If you are thinking of selling or letting, particularly in the Marylebone Village area, contact Jeremy James, a Marylebone Estate agent, for his personal attention and advice. Jeremy James of Jeremy James and Company is an established, independent real estate agent with an unrivaled experience of the central London property market that focuses on the Marylebone Village area. The company has been operating in the area for over 35 years and knows the best way to proceed to get maximum value for their clients, whether they are buying, selling or letting in the Marylebone Village area. If you are considering purchasing property in central London, and Marylebone Village in particular, contact Jeremy James and his team for professional expertise and personal service.