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Covid-19 Delays London’s Prime Central London Market Recovery, But Positive Signs For The Future 

Covid-19 Delays London’s Prime Central London Market Recovery, But Positive Signs For The Future 

Selling Your Home At Christmas

If you are thinking of selling your property, we would recommend that you seriously consider putting it on the market around the Christmas period. Many rumours suggest that this is the worst time to publicise your property but we argue otherwise. People tend to  believe that due to the market being slow at this time, it is difficult to sell your property. However, consider the opposite.

As many choose to delay the sale of their home till after Christmas, there is very little competition on the market. Buyers around the holiday time also tend to be more serious and want to act more quickly.
Zoopla data suggested a 70.5% spike in activity on the 26th of December 2020. Boxing day is for family for a lot of people. It is the perfect time to take this rare opportunity to make family decisions collectively.

Many feel that Christmas and New Year is the time for fresh starts; a chance to look over your wants & needs and make some changes. Families recognise they need more space as they grow, couples might choose to join residences, people might relocate. All of these situations encourage a property search boom.

So many disruptions to the property sector have occurred in the last year  including; the pandemic, stamp duty holiday deadlines, lack of international buyers etc. As the market returns to normal, buyers will be urgently seeking properties. Many homeowners might delay listing their home till after the holiday season. To differentiate yourself and gain the most attention, think about putting your property on the market in December. Buyer traffic is greater in January, this will increase the competition. Make your home more noticeable by getting there early.

To speed up the process, instruct an agent to take care of everything. Ensure photographs are taken before accessorising your home for Christmas as these decorations can age with time.

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Prime Central London Tenancies Seeing Rejuvenation As Leavers Return

The prime central lettings market has seen a recent rejuvenation as London leavers head back to the office. 

Overseas tenants, students & workers return to prime property following a decline in interest during the pandemic. This dramatic bounce back has put strain on the rental market as prospective tenants outweigh “chronic shortage” stock. This trend is replicated across the world in other business cities, alike to New York, who are experiencing the same sudden demand. However, not only metropolitan areas are being affected as shortages are also found in popular suburban and commuter locations. 

Demand reached record levels in September, with the number of tenancies being the highest monthly total in the last 10 years. Knight Frank reports stated new tenants registration at 56% higher than September 2020.

This level of demand is resulting in competitive bidding in the landlords favour, as potential tenants strive for the best of the remaining properties. Landlords, having taken cuts to their rental income during the pandemic, are using this time to make up for losses by seeking the highest possible price. Tenancy agreements that are coming up to a renewal period may see a dramatic increase in rent price in line with the markets RPI. The risk factor in this for landlords is minimal as the vacation of a current tenant will not necessary leave a void period due to the current demand. 

Lonres reported the average let home spans 931 sq ft in Prime Central London this year; 8% (84 sq ft) smaller than that of 2016-2019. Speculation suggests that people are opting for smaller spaces in the right location as a pied-a-terre or temporary residence. Tenants are also locking into longer contract periods as they plan to return to their normal life living in the city. The Mortgage Finance Gazette predicts that Prime Central London rents are set to jump by 5% over the next 6 months. 

Currently the domestic market is still dominating but as international students and workers return to the UK & prime central London, we will see the balance bounce back. 

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Prime Central London Sees Rental Boom

Unsurprisingly, the Prime Central London property market struggled during COVID as the city shut down and offices closed. Without the need to be close to your workplace and Londons renowned hospitality industry, residents vacated to somewhere providing more space and greenery. 

As the city comes back to life, so does the property market. With a recent surge in demand, the rental market has been seen to take off as Londoners return to the hustle and bustle. 

Rental prices have seen a dramatic increase, returning to their heights pre-covid. Not only this but the lack in supply is benefitting landlords; allowing them to choose their tenants more wisely rather than accepting anyone willing to rent. Void periods are no more, as tenants are replaced almost instantaneously. 

This healthy competition has attracted that of investors as they sense better rental yields. We have seen an increase in buy-to-let purchases as vendors see a substantial return alongside expected capital growth. 

It is believed that this rental growth will be consistent over the next 24 months at the very least, allowing London’s landlords to rest easy knowing their assets will be profitable. 

There has been a particular demand for small accommodation, alike to 1 or 2 bedroom apartments. This is due to the arrival of international students & professionals and Pied à Terre demand returning. 

At the premium end of the market, there has been a real struggle to supply luxury stock; with a fall in availability for properties asking in excess of £20,000 per week as they are snapped up by tenants.

We have also witnessed renters requesting longer contracts in a bid to retain the low covid rent prices that were present at the time. This in itself has reduced available stock as tenants are staying put for longer, not allowing the property to return to market.

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