If you pay attention to the media regarding the property market, you would be forgiven for thinking there was a mass exodus of the London housing market. The impact of the COVID-19 pandemic, and the increased likelihood of remote working for some time to come, has led to many people to consider moving out of London.
However, industry statistics indicate that this isn’t the full story. The stamp duty holiday has invigorated the housing market in the capital. The chance to save up to £15,000 when buying a home in the capital is hugely appealing.
Therefore, there are people looking to buy homes in London, and it appears as though South London is a huge draw for buyers.
Forest Hill is an appealing part of South East London
At Hunters Forest Hill, we talk with buyers and vendors, and we know there is significant demand for property in the local area. We also stay in touch with the latest research, and we understand there is considerable demand for homes in London.
A recent study from Private Finance, a mortgage broker, shows London dominates the current mortgage hotspots in the UK.
The south of London is popular amongst property buyers right now
The South West of London comes out on top of the findings, the South East of London is second and East London is third for areas of the highest value of mortgage lending across the United Kingdom.
The levels of mortgage lending attributed to these areas are as follows:
- South West of London had £38.3 billion in mortgage lending
- South East of London had £28.1 billion in mortgage lending
- East London had £23.8 billion in mortgage lending
Shaun Church, Director at Private Finance, says: “This data reveals that London continues to remain the most attractive area for homeowners. The transformation of Peckham and Bermondsey has contributed to an inflow of young professionals into SE London. High house prices and long-term demand for property in places such as Clapham have continued to support SW London’s mortgage market. However, shifting housing needs caused by people staying within the same four walls during long lockdown periods could cause a flight of homeowners from the capital.”
Shaun also said; “Workers are increasingly viewing being close to their physical workplace as less important due to widespread adoption of working from home practices. Fears over contracting coronavirus is putting downward pressure on demand for properties in highly populated areas. Rock-bottom mortgage rates may be incentivising people who have long considered relocating from cities to bring forward property purchases in the countryside to lock into cheaper mortgages. These factors are likely to compound and result in future activity being highly concentrated in areas just outside the UK’s major cities and the countryside. The top areas likely to experience the sharpest uptick in buyer activity and therefore mortgage lending could include Chelmsford, Chester and Reading.”
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.