London Market Comment Spring 2020
After the pause, will the property market be on rewind or fast forward?
After many weeks of sitting in our homes, and with a ray of light in sight, Stacks London asks what on earth the property market will do.
Up until the end of March, the property market was in full swing. Clients had to offer quickly on properties with multiple offers across the range of values, and vendors enjoying achieving asking prices and more in many cases. And then it was just as if the pause button had been hit. Everything came to a standstill, as it did in so many aspects of our lives.
As buying agents, we are fascinated to see what the effect will be on our clients having spent so much time in their four walls. Will they realise that they now love their community more and decide to stay put, or at least overcome their reasons for changing location and bear the daily commute if they can now work from home more?
Maybe some clients are now expecting another baby in 8 months and will need more space! Or employers have changed their stance on working from home, and an extra room will be required for a study.
One aspect we can be reasonably confident about is that they will need some expert guidance in ascertaining what prices might do.
While there are likely to be a few ‘cheeky deals’ to be done the minute any doors are opened – deals with vendors who had found their property before the lockdown and then were unable to open their doors to desperate buyers. This scenario, however, may be shortlived as new ‘stock’ is very slowly released to the market.
There are so many unusual factors to consider in the next twelve months of the market, with the impending Brexit (if anyone remembered that was happening!) as well as the slow and very painful global economy trying to pick itself up from the beating it has taken.
Whatever the outcome, uncertainty continues to be the new ‘normal’, and while lifestyle choices may have changed, there is often a desire to move or invest, and Stacks London is here to help you.
For a free informal chat, please call Sara on 07786546595.
