If you are asking has Covid affecting buying property in central London, the answer is yes, and not always in a positive way. Instability across the overall housing market has been one of the unwanted results of the pandemic, since it began to affect our lives in early 2020. In London as a whole, house prices have experienced a slight increase of around 3 percent, and this includes some of the most desirable central London areas, such as Chelsea, which has enjoyed house price increases. However, the picture isn’t so bright across other popular central London areas, according to Marylebone estate agents, one of the capital’s most desirable residential neighbourhoods. Some of the most desirable postcodes in the capital have suffered from a 10 percent drop in property values, and home values have dropped by up to 40 percent in St. James and Mayfair.
Much of the demand for properties in London’s more exclusive central areas comes from foreign buyers, and foreign travel restrictions have deterred many of them. Elsewhere, the UK property market has weathered the Covid storm reasonably well, as demand has increased because of the temporary suspension of stamp duty. Because of reduced interest from overseas buyers, many central London areas have become more appealing with local buyers, as property prices have fallen because of Covid.
As lockdown restrictions are lifted over the spring and summer, demand for property in central London looks set to increase. At least, that is what many analysts seem to think. As potential tenants return to the housing market and trade gets back to some semblance of normality, it’s thought that rental levels will be maintained. There is potentially a lot of demand from buyers who simply have not been able to move, because of concerns over the pandemic and its effects on the central London property market.
Central London is expected to see a high demand for property as lockdown restrictions continue to be lifted, and spring could see price increases of up to 10 percent, according to some area real estate agents. In fact, price levels that are similar to those before Covid came along are expected by some property analysts.
Jeremy James understands the Marylebone property market better than most, and the company has been strongly established in the desirable Marylebone area for over 35 years. Jeremy James offers clients the very best in customer service, local area expertise and undivided personal attention, whether you are letting, selling or buying. If you are selling your property, especially during these uncertain time, you want to get the best possible price, and Jeremy James has the expertise and experience to help you do just that. Jeremy James invites you to contact them if you are buying, selling and renting in the Marylebone area of central London.