Open Spaces Matter In London Housing Market

Parks and greenery have always been important in London, but in the current climate, they are more important than ever.

Various studies suggest buyers are searching for homes in areas close to open spaces. At Hunters West Hampstead, we think the local area has a lot to offer.

Get some exercise close to home

Fortune Green might be small, but it offers plenty of opportunities to relax, socialise and exercise. For many residents, the open space has been of considerable benefit during lockdown, but even in brighter times, this is a brilliant park that offers a lot to the local community.

West End Green is another small but beautifully formed area in West Hampstead. It might be more readily associated with dog walkers, but it has been invaluable in recent times for people looking for some respite from their home life.

The lockdown has changed property buyer expectations

Michael El-Kassir is the managing director of GRE Assets, and he said; “With the imposed lockdown restrictions meaning people have spent much more time at home this year, we believe this has led to a distinct rise in the number of people seriously considering their next property move. Low interest rates, the existing Help to Buy scheme and stamp duty incentives, have also created a sense of urgency.”

Michael continued by saying; “The pandemic has been a wakeup call for prospective buyers and renters, who have reassessed their priorities when looking for their next home. Not only are they spurred on to make the leap from London, they also recognise the importance of having access to green space, whether that is nearby parks, balconies, terraces, and gardens.”

Michael El-Kassir from GRE Assets also said; “The working world has also seen a vast shift, as employees and companies have adapted to working from home. While people will return to the office as the latest restrictions ease, we strongly believe businesses will continue to work flexibly moving forward, meaning adaptable space and connectivity at home is of high importance for new homeowners.”

Simon Rubinsohn, RICS Chief Economist commented: “The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months. More of a concern is the pick-up in prices which could intensify issues around affordability in some parts of the country. Disaggregated data shows demand generally to run ahead of supply.”

Simon also said; “Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic. Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May.”

If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters West Hampstead today for all your housing and letting needs.