For all the negative talk surrounding the London property market, and people looking to flee the capital to live in the country, it is important to take stock of what is actually happening right now.
The stamp duty holiday has certainly had a massive impact on demand for London homes. With London prices being higher than many parts of the country, there is a greater level of saving on offer when buying a house in the capital.
This appeals to prospective buyers. The chance to save up to £15,000 is an attractive prospect for most people, and this is why there is a considerable level of activity in the London housing market right now.
We know there is significant demand in and around Camberwell right now
At Hunters Camberwell, we are working closely 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.”
If you are looking for guidance or information regarding the housing market, please get in touch with Hunters Camberwell. As a local estate agent who has the support of a national network, we are ideally placed to provide you with all the help and guidance you need to make an informed decision, so please contact us today.