Although the number of people infected with the mutant strain Omicron has been rising in recent times, this has not stopped everyone from returning to the office to work.
According to the latest data:
Nearly 80% of the 540,000 employees currently working in the City of London returned to the office last week. That's more than at any time since the outbreak broke out in March 2020.
Finally, the City of London returned to its former busyness.
Traffic data shows traffic spiked during rush hour last week, beating pre-pandemic averages.
More people are walking or driving around the city than at any time this year.
A thriving sight!
At the beginning of the outbreak, many people moved out of London to live in commuter areas or further rural areas.
But now, returning to London to work in the workplace has become mainstream.
More and more people are also tired of the longer commute distances and are moving back to London.
The large number of people moving back to London has undoubtedly increased the demand for home purchases and rentals in London.
Coupled with the continuous recovery of international flights and the addition of overseas buyers to the bidding team, the demand for London apartments has been greatly increased.
Astute Property Search's data shows:
With the return of international travel, demand is returning to pre-pandemic levels, and the previously frustrated City of London has become a bountiful one.
It is understood that two-bedroom apartments are the most popular among buyers. The strong demand for overseas buyers to buy a house has also promoted the steady rise in house prices.
In response, the agency's founder, Matt Turner, said:
Many of my overseas clients are ready to move back to the UK in 3-5 years. They want to buy a property that is "suitable for autonomy and good rental", rent out first in these few years to get a return on rent, and then move in a few years to live by themselves.
One of our best deals this year was in St John's Wood in London. This client is from Europe, because of travel restrictions, they are through video viewing to book the house. Before the outbreak of the epidemic, nearly 50% of the apartments in the prime location in central London were sold to international buyers, and with the recovery of travel, it is believed that the demand for the prime location will soar, directly driving house prices to climb. And buying at this time is definitely a good time to bottom out, whether it is the exchange rate or the house price.
Astute Property Search predicts that as demand increases, london apartment prices will rise significantly in 2022, especially for two-bedroom apartments. Preferably with communal gardens, balconies, terraces, etc. Not only local buyers like it, but also overseas investors.
In terms of renting, with the return of international students to school and the resumption of work in all walks of life in London, the demand for rental housing is also strong.
However, since the UK has been more policy-oriented in recent years to protect tenants, the number of rental houses released by landlords in the market has decreased.
Therefore, the market is basically in short supply, and rent rise is inevitable!
Zoopla's data shows:
Rents in London are rising at their fastest pace in 13 years.
Rents in the UK private sector averaged £968 per month in September, up 4.6% from the same period last year, the strongest growth in 13 years. Rents outside London rose by 6 per cent to a 14-year high.
How difficult it is to rent a house in London this year, I believe that many parents and friends of international students have felt it.
Our newly delivered rental listings can bring 6-7 tenants to grab the rent at once.
In the end, of course, the highest price will get, and the one with a long lease term will get.
This is also why the British policy has suppressed landlords and increased the cost of landlords, but we are still optimistic about buying and renting.
Inventorybase's data shows:
The average rent in London is around £1,435 with a rental return of 3.47%.
Although not the highest in the UK, rents as a percentage of the local average income are the highest at 46.54%.
Watching as 2021 draws to a close, Zoopla also gave a new year's house price forecast:
Currently, the average house price in the UK is £342,401, up 5% in 2022, which means it will rise around £17,000.
The reason why the forecast continues to rise is that a large number of potential buyers can still be seen active in the market.
Among them, the largest house price increases are expected to be in Scotland, West Midlands, South West England, Yorkshire & Humber, where house prices are expected to rise by 7%.
Tips for the end of the property circle:
2021 is a crazy year for the real estate market. Driven by the time-limited reduction and reduction policy of stamp duty, it has made great progress. In recent times, although the mutated strains have been rampant, they have not stopped the resumption of work of major enterprises. Returning to the office will inevitably drive demand for Property in London, whether it is buying or renting. After all, no one wants to waste hours a day on commuting to and from the trip.
At the same time, the return of overseas buyers and overseas tenants has also intensified the competition in the home buying and rental market.