As the Stamp Duty Holiday rush begins to slow down, we look at recent developments in the prime London property market to discuss what they mean for sales and lettings, and what you feel about the current market.
A return to seasonal norms
Market research experts Yomdel have recently reported calmer conditions in the property market. They regard this as a return to “seasonal norms,” although they add that the number of people seeking properties for sale in London is still “well above average.”
What the Tracker tells us about sales
Yomdel’s Sentiment Tracker shows the upturns and downturns that the UK property market has experienced since last year. The graph shows a natural correction in the market following the post-lockdown ‘mini-boom’.
According to our Marylebone & Hyde Park Sales Manager Joe Le Beau, many of his clients spent lockdown “thinking about what they wanted to do with their lives” and once restrictions were lifted, they were keen to go into immediate action. Joe says the Stamp Duty Holiday has also encouraged clients to make property purchases as the extra £15,000 saving “spurred people on to do a deal.”
Good news for tenants and landlords
Our Head of Lettings Matt Staton says that since lockdown ended, renters have been able to choose from a wide selection of properties. “There has been a huge amount of supply of properties on the market. There is more choice for letting applicants, and because of that, it has meant our prices have dropped to the lowest levels they have been in a very long time.” Matt, who aims to become a ‘forever agent’ for loyal clients, is always happy to be able to pass on good news to applicants looking for properties for rent in London and eager to know what his clients think and feel about the market.
According to Matt, changes in working practices during lockdown have been suitable for landlords of larger properties, particularly those with gardens. “In terms of trends that we have seen from tenants, definitely outdoor space. We also have a lot of one-bedroom applicants asking for a second bedroom so they can have work from home space.”
Let us help
If you are buying, selling, letting or renting a property in London, our highly skilled sales and lettings teams would be delighted to help. We have worked as London estate agents for the past three decades, and our knowledge of luxury property is second to none. Why not give us a call to discuss your next property investment or home moving plans?
