30th September 2022

The View From The Capital: September 2022 London Market Review

Category: PRIME


Tags: London Market Review, prime magazine, The London Office

Bob Bickersteth

Director, The London Office

The View From The Capital

As I look back over the last year, I am reminded of how strong the residential property market has been.

Any fears that the end of the stamp duty holiday would bring about an abrupt end to the buoyant residential housing market last autumn was well and truly put to bed over the winter. Not only did the market maintain momentum, but it continued to shift through the gears during what is usually a quieter period in the year. This carried on into 2022 but the exceptional demand led to a shortage of stock and that remains the main story today. The imbalance has continued to put upward pressure on prices despite the increasing pressure on household finances and the six, albeit relatively small, increases in interest rates from a historic low. There is clear anecdotal evidence that many purchasers have factored these into their thought process. Although supply is easing, the fundamental issue remains – too many buyers are chasing too few properties.

In the previous edition of this magazine, we reported that we had seen an extraordinary 39% increase in London-based applicants registering to move out of the Capital year on year. This demand has continued, albeit at a slower rate. The much mentioned ‘dash to the country’ has become a more ‘sedate jog’ as purchasers seek more space both internally and externally. We have also noticed a tangible shift, as purchasers increasingly make their country home their primary residence, rather than considering it as a second home for occasional use. Now with the return to office life, some people are choosing hybrid working – splitting their time between their London workplace and their home offices. This has led to increased demand from London buyers for Prime properties in Surrey.

At our office in St James’s, we provide professional, qualified staff to discuss potential purchasers’ requirements, answering their questions about broadband speeds, prices, market conditions, commute times and schools, and providing them with brochures for suitable properties. Our annual London and Country Property Show has proved a valuable opportunity for prospective London purchasers and investors to speak face to face with local agents such as Curchods Prime.

Despite the exodus from London, the demand for London properties has remained strong for larger flats or homes with outside space. Apartments without external space are experiencing a steady comeback as demand increases. This is driven by professionals returning to the office, and from those realising a long commute isn’t their cup of tea. Whilst prices remained fairly static during the pandemic, compared to the country market, they have surged in the first half of this year. This is most noticeable in the top-end of the market (above £5m+) with prices achieved in the Prime London area just a few percentage points off their peak in 2014. Overseas buyers have re-appeared adding competition in the Prime central and fringe markets. In particular, Americans are taking advantage of the strong dollar/weaker pound. London has lost little of its lustre and it remains one of the world’s most attractive cities to invest, live and work in.

 

Similar Articles

Category: PRIME


Tags: Curchods Prime, design, INTERIOR DESIGN, interior trends

Interior insights with Farrow & Ball

View Full Article
12th October 2023

Category: PRIME


Tags: Luxury, padel, prime magazine, sport

Prime Magazine Issue 4: Is Padel the latest luxury amenity for Surrey homeowners?

View Full Article
12th October 2023

Category: PRIME


Tags: Curchods Prime, FINE DINING, Luxury, prime magazine

Prime Magazine Issue 4: Discover the Michelin star restaurants on your doorstep

View Full Article
7th October 2023

Category: PRIME


Tags: Curchods Prime, Luxury, prime magazine, wine

Prime Magazine Issue 4: Spiral Cellars: A Statement Piece In Your Home

View Full Article
5th October 2023

Category: PRIME


Tags: Curchods Prime, Luxury

Prime Property: A little in love with Charters

View Full Article
5th October 2023

Category: PRIME


Tags: Curchods Prime, Luxury, Prime, prime property, property market, Surrey

Prime Property: Step inside ‘The White House’ home to former US President Herbert Hoover

View Full Article
11th September 2023

What Curchods can do for you

Multi Award-Winning Marketing

Curchods were crowned winners of Best Estate Agency Marketing in the whole of the UK at the The International Property Awards 2021.

Premium Marketing

We are proud to deal with the sale of more high value homes than many of our competitors. Curchods Prime is our premium marketing service for high value and exclusive residential properties.

5 Star Service

With an average star rating of 5/5 in more than 1000 Google reviews, our friendly yet professional service will give you a smoother and more enjoyable experience of moving home.

Tell Us What You Are Looking For

Not every property we have for sale is listed on our website - we arrange many sales before they ever appear online, exclusively to buyers registered on our database. Registering with us will give you the best chance of finding your dream home. stats

Advice From the Experts

We have ten mortgage advisers with over 100 years experience within the industry who can advise and find the right mortgage for your needs. We can also recommend qualified surveyors, solicitors and additional services to help at every stage of your purchase.

Selling Your Existing Home

If you have a property to sell, we recommend you find a buyer for your existing property before starting your search. Early preparation is key to a successful sale - we can help you establish its market value and find you a buyer.

Licenced & Regulated

We are members of ARLA Propertymark, the UK’s foremost professional body for letting agents which means we are required to operate in a transparent way, providing services which are subject to independent scrutiny, giving you peace of mind at all times.

Premium Marketing

We are proud to deal with the sale of more high value homes than many of our competitors. Curchods Prime is our premium marketing service for high value and exclusive residential properties.

Your Property in Safe hands

One of our locally based in-house property managers will take care of rent collection, maintenance and property inspections on your behalf. We are also one of the few letting agents that include Legal Eviction Expenses cover and Rent Recovery Protection in our standard fees.

Dedicated Local Point of Contact

Our experienced property management team based in branch, are readily available to respond to your enquiries, maintenance issues and any emergencies. We respond quickly and professionally providing guidance and advice throughout your tenancy.

Tell Us What You Are Looking For

Not every property we have to let is listed on our website - we arrange many tenancies before they ever appear online, exclusively to people registered on our database. Registering with us will give you the best chance of finding your dream home.

Licenced & Regulated

We are members of ARLA Propertymark, the UK’s foremost professional body for letting agents which means we are required to operate in a transparent way, providing services which are subject to independent scrutiny, giving you peace of mind at all times.

Buyers
Subscribe to our newsletter

Please confirm you consent to us using cookies to help with your property search and improve your experience on the Curchods website.

Cookies are small text files placed on your computer/mobile device that remember your preferences and what you were searching for. Our cookies don’t collect any personal information. For more information please read our privacy policy, thank you