Property market rebound suggests recovery in the longer term

The increased demand in property searches following the coronavirus lockdown has continued, suggesting the market is gradually on its way to recovery. It was thought that the initial spike in activity may have been due to pent-up demand whilst property sales and lettings were effectively on pause.

Zoopla reported an increase of 137% in property sales since the market reopened in May. Increased demand has also been observed in the lettings market. Build Asset Management reported a 101% increase in the number of young professionals seeking rented accommodation in the capital, comparing the weeks commencing 25th May and 1st June.

Ludlowthompson’s data shows there was a spike in demand at the end of May following pay day, suggesting renters in the capital are feeling secure in their long-term employment prospects, and there’s a lower proportion of ‘Generation Rent’ on furlough, than feared. The data also indicates that tenants are taking long-term leases, some in excess of 2 years, which demonstrates confidence in London’s ability to weather the economic stresses of COVID-19.

Stephen Ludlow, Chairman at Ludlowthompson says: “The lettings market has proven resilient in the face of coronavirus, just as it did following the 2008 Financial Crisis. We expect to see sustained demand in rental properties once lockdown eases further and more workplaces reopen.”

“London continues to appeal to young professionals due to the career opportunities the city affords. With shops and restaurants due to reopen in the coming weeks, life in the capital is slowly returning to normality.”

Ludlowthompson’s letting agents are continuing to offer prospective renters and buyers guided video tours of properties. In person viewing appointments complying with social distancing policies are available following virtual viewings.

This week’s video tour is a 2-bedroom flat available to rent in SE15

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Boni D via Google reviews:

“We had a great experience with Ludlowthompson in Dulwich. The team was extremely helpful, warm and attentive to our case. Always quick to answer our emails and get back to us with solutions. Would definitely recommend!”

Esin F via Google reviews:

A very big thank you to the Dulwich team. They were always available to answer any questions and their expertise, guidance, advice and help every step of the way ensured the letting process went smoothly.”