London is still the place to be
Research has shown that post-pandemic, London remains one of the most desirable cities to live and work across the world. despite the uncertainty surrounding Brexit and the predicted trend of people heading to the suburbs once working from home became the ‘new normal. Indeed, London is still the place to be.
As the UK’s capital city, London remains the centre of economic activity for the country. In May 2021, office occupancy surpassed 50% for the first time since early March 2020. Whilst working from home is widely accepted by most employers, it is clear that in actual fact, employees value human connection and face-to-face interaction.
The long-term impact of Covid on the way we work has raised important questions about the future of cities. While people are looking for more flexibility in how they work, a city like London still has huge global appeal for its dynamism, diversity, and career opportunities.
Property Prices are at a Record High
House prices in London have climbed 6.2 per cent since the property market was shut down last year. This is the fastest rise since 2016.
Some people purchased their first home online without even viewing it as the sector went virtual, and agents reported a record in August – usually the quietest month of the year.
While national lockdowns wiped 10 per cent off national GDP, property prices in the capital soared in the opposite direction. This is highly unusual in recessions and will serve to exacerbate the housing affordability crisis at a time of rising unemployment. By comparison, property prices fell by 17.8 per cent in the aftermath of the global financial crisis of 2008 as indebted households sold their homes quickly and cheaply.
What does the future have in store for the London property market?
Prices will continue to increase. Demand from buyers moving back into London after previously swapping city life for the countryside will too increase. Despite uncertainty around Brexit as well as the pandemic, London has lost none of its lustre. It remains the world’s most attractive city to live and work in.
Areas such as Croydon, Southall, Silvertown, and Harrow are set to be upcoming hotspots in the not-too-distant future.
No one can deny that London is one of the most cosmopolitan, multicultural cities across the globe. It’s a diverse, innovative city and its growth and popularity are evidently going to continue.
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