News & Legislation
October 27, 2020
Regional Property Market Update Autumn 2020: London
It is estimated that nearly two million people own buy-to-let property across the UK (Resolution Foundation 2019), with property being regarded as a ‘safe-haven’ asset. At 4.7% the gross yield on residential property across London is attractive.
Barking and Dagenham is currently the top performer in the capital, offering a gross yield of 5.8%. Redbridge also offers a yield of over 5%.
Average gross yields on residential property are attractive, with positive rental and house price growth
Strongest housing markets across Greater London
Despite Rightmove reporting that sales agreed this year to date in London are down 3% on 2019, property prices across London were 4.2% higher year-on-year as the housing market reopened in June. Islington is currently the strongest performer in the area, with price growth of 8.7%. Activity across the market has been brisk. Nationally the average time taken to sell a property fell to 53 days in August, down from 62 days in August 2019. Sensible pricing remains crucial, as correctly priced properties are nearly twice as likely to be sold ‘subject to contract’ within four months of listing than those that have had their asking price reduced. Homes in London are selling, on average, 20 days quicker than a year ago.
Wendy Peterman, Managing Director at Petermans, comments on the South East London region:
“We have seen steady and consistent purchasing and if properties are priced correctly, they are going under offer very quickly. There is a frustration through the sales process as surveys, lenders and solicitors are managing large workloads, hence slowing the process. We expect to see this continue until we get closer to the March 2021 stamp duty deadline.”
Amy Roberts, Hither Green Branch Manager at Bryan & Keegan, comments on the South London region:
"At Bryan and Keegan, while we have been concerned about the economic backdrop, other factors have unleashed a wave of activity in the local market. Behavioural changes have encouraged many to trade up the housing ladder and others to reassess their work-life balance, looking for homes with outdoor space, or moving out of London to more rural areas."
Properties for sale in London
This elegant five-bedroom terraced home is set in the Camberwell Grove conservation area, ideally situated close to Ruskin Park, excellent public transport options and a wealth of amenities nearby.
The home is set over four floors boasting elegant décor in a contemporary open-plan kitchen and diner and two spacious reception rooms, with access to a sunny garden, paved in York stone, and a garage.
This unique four double bedroom Victorian property is full of character and extremely well connected. The home offers a large open-plan living area and modern kitchen and bathrooms. Exposed beams and original wood flooring offer a cosy cottage feel, whilst the colourful courtyard offers an unusual and private outdoor space.
This beautiful garden flat is located on a quiet road, offering two double bedrooms and a tastefully decorated open-plan kitchen and living room, which leads out to a generous garden space. The flat is in a superb location with The Jubilee Park only a few minutes’ walk away, with the River Lee and Hackney Wick nearby, offering trendy restaurants and bars.
Click to see the market reports in other regions:
● Market Report 2020 Autumn South West
● Market Report 2020 Autumn East Midlands
● Market Report 2020 Autumn Essex, Norfolk and Suffolk (East)
● Market Report 2020 Autumn Hertfordshire, Bedfordshire and Cambridgeshire (East)
● Market Report 2020 Autumn North East and Yorkshire
● Market Report 2020 Autumn North West and North Wales
● Market Report 2020 Autumn Northern Ireland
● Market Report 2020 Autumn Scotland
● Market Report 2020 Autumn South East Home Counties - Kent and East Sussex
● Market Report 2020 Autumn Southern Home Counties - Surrey and West Sussex
● Market Report 2020 Autumn Southern
● Market Report 2020 Autumn Thames Valley, Berkshire, Oxfordshire and Buckinghamshire
● Market Report 2020 Autumn West and South Wales
● Market Report 2020 Autumn West Midlands and Wales
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