London will lead the country’s property market in the next five years, in the post-pandemic recovery, according to a new forecast by Homes & Property.
It seems that Londoners will see their home’s prices rise by a fifth, 21 per cent, in the post-pandemic recovery, as the capital is set to outperform the rest of the country’s housing market. The UK has seen a national fall in the property market by -1.5 per cent while the capital’s house prices mainly stayed flat.
First-time buyers tend to buy in affordable regeneration zones which means prices are predicted to rise in previously less fancied neighbourhoods, as people are looking for a nicer place to work from home rather a good location. Londoners seem to prioritise a newer way to live in the city, being careful about where and how they live, therefore searching for more space indoor and sacrificing proximity to the workplace.
The expected post-pandemic recovery will start in Central London, in iconic areas as Mayfair, Knightsbridge, Belgravia, Kensington and Chelsea, as they are driven by the ultra-rich buyers. The London house prices are set to rise also as a consequence of the growing housing shortage along with the massive demand, housebuilders have in fact fallen much behind during this pandemic. About 20,000 new homes will be built this year against a targeted 52,000.
JLL’s head of research, Nick Whitten also said shared ownership is set to grow even more exponentially. In the past years, shared ownership has been a great way for Londoners to find an affordable scheme to partly buy a property. Whitten expects shared ownership to grow over the next years due to the pandemic crisis and the financial difficulties that would follow. These schemes allow Londoners to buy in regeneration zones where young and first-time buyers can find outdoor space, a balcony and even bicycle storage and electric car charging. Stratford, Upton Park, Royal Docks, Crystal Palace are just a few of those regeneration areas where Londoners have been and will be buying their new homes.
READ MORE:
Families doing the weekly food shop are being tricked into spending more of their hard-earned cash by sneaky supermarket tactics.
Enerbrain, a smart building company, has received 5.2 million in investment for its international development in 2021-2023.
Bitcoin experienced a brief surge in value after a post on the US Securities and Exchange Commission's (SEC) Twitter account announced the approval of new exchange-traded funds (ETFs) for the cryptocurrency.
Bitcoin shot up by 5 per cent, dragging upward the entire cryptocurrency market, after the El Salvador decided to recognise it as legal tender.
The new digital coins offer many advantages to the global market and especially the gambling and gaming sector.
Food prices in the UK have finally experienced a long-awaited decline, according to the British Retail Consortium (BRC).
For an online store, efficient product delivery is crucial. Choose WooCommerce Shipping and find out how to best manage the shipping process.
Disposals and oil price increase got BP's debt load from $38.9 billion down to $35 billion in three months, CEO Bernard Looney is reporting on figures and share buybacks on April 27.
Discover the life and career of the young Ukrainian entrepreneur and owner of a crypto exchange.