Price growth strong across all regions
At 6.3%, annual property price growth in London is stronger than a year ago, and a marked contrast to 2018 and 2019 when annual growth was in negative territory. The gradual relaxation of travel restrictions will create additional interest from overseas purchasers in the coming months. A surge in demand is expected from domestic purchasers for smaller pied-à-terre-style apartments as blended working patterns are set to become the norm for many.
Double-digit property price growth is evident in four areas of the capital. Harrow and Bromley are currently the strongest performing areas.
Surge in sales
It is estimated 880,000 property sales took place across the UK in the first six months of 2021, the highest half year total ever recorded and 50% higher than the same period in 2019 (HMRC). It is anticipated sales will top 1.5 million over the course of the year. Buyers have been spurred on by a desire for change and financial savings as a result of taxation ‘holidays’, with over 60% paying no tax on their purchase.
In London, the most active housing markets over the past year have been in Bromley and Wandsworth, Tower Hamlets and Havering.
Space to be
The search for space continues to drive many buying decisions. As businesses adopt more flexible ways of working, blended working patterns are set to become the norm for many, and personal wellbeing has shot up the agenda. The local environment, gardens, greater internal square footage and a demarcated space to work from home, all continue to be deemed more important property features in a new home.
Properties for sale in the London
Bromley, Greater London, 4 bedrooms
Arranged over four floors, this spacious family home is situated close to Bickley Station, schools and transport facilities. The property comprises four bedrooms, including two with en-suites, a further bathroom, two reception rooms, a kitchen, a front garden with a driveway, an integral garage and a private south-facing rear garden.
Hammersmith, London, 2 bedrooms
This recently refurbished two-bedroom, two-bathroom apartment is set within a private gated development with private underground parking, 24-hour concierge and communal gardens. The property is ideally located near great transport links into Central London and Heathrow Airport, making this the ideal home or property let for working professionals.
Battersea, London, 2 bedrooms
This beautiful apartment is set within an attractive period building, uniquely positioned along this desirable and tree-lined residential street in Battersea. Entered via a delightfully spacious entrance hall with two storage rooms, the property comprises a light and airy dual-aspect reception room with oak wood flooring, a feature fireplace and high ceilings.
Make the most of double-digit property price growth with the best estate agent in your area. Contact your local Guild Member today.