It’s been almost a year since I last updated you on the London sales market, needless to say, the world has undergone serious change in that year as we have all dealt with the impact of the COVID-19. The sales market has held up extremely well under the pressure albeit aided by a swift and timely stamp duty holiday from the Chancellor.
We have been able to continue to trade and sell property, and conveyancing firms have done their best to keep files and completions on track. However, as we now approach the end of that stamp duty holiday and hope for a loosening of lock down measures in spring, the market may well undergo further changes. If the health threat related of COVID-19 does diminish, there are (as always) a number of new variables to consider for the sales market; they are the increase of stamp duty for overseas buyers, the end of Brexit related negativity, the potential influx of sellers who have been held back from the market by cladding/ESW1 issues and potential effects of unemployment and economic fallout from COVID-19 and the travel restrictions just to name a few. However, one of the biggest drivers in the market, mortgage finance, remains readily available and if anything, loan to values seem to be expanding. I have been selling property in London for over 17 years now and throughout that time, I have experienced many ups and downs and felt the effects of many variables on the market. The constant throughout that period has been the robustness of the London market and that demand almost always remains, as long as properties are priced correctly.
– Jaimie Beers, Managing Director, Madley Property
If you need more information on this article please contact Jaimie via email: [email protected]