The property market in London may have taken a hit when the Covid-19 pandemic resulted in the UK going into lockdown, as did property markets across the country.
But it appears that the market for buying, selling and renting homes in the UK’s capital is rebounding quickly, at least according to the latest data from Knight Frank.
The organisation revealed that there was a sharp increase in the number of prospective buyers in late May, as restrictions for estate agents in Wembley London and elsewhere around the country started to lift.
According to Knight Frank’s data, the number of London-based buyers was over one-quarter (28 per cent) higher in the week ending 27 May than the five-year average for the city. This final full week in May was the first full week of trading for estate agents following the lockdown.
There has also been a more modest increase in the number of prospective renters looking at property in the capital, the organisation noted, with their numbers up by nine per cent on the five-year average in the same week at the end of May.
As BuyAssociation recently pointed out, there could soon be more homes for those house hunting to choose from in London, with plans to fast-track many developments.
Speaking to the publication, global head of real estate at PwC Craig Hughes said that there was still a “massive social need to build affordable housing in London, and a massive economic need to create jobs”.
The news provider also noted that developers are shifting their priorities in terms of what they offer people from the homes they’re constructing, with the need for outdoor space increasing since lockdown, for instance.