Average property prices in London have risen since last June

The asking price for the average property in London is now 1.5% higher than it was in June 2019, with the average property listed at £628,000. However, prices still remain slightly below pre-lockdown levels.

Research by Rightmove suggests that an estimated 175,000 sellers may have been dissuaded from putting properties on the market during the lockdown period of March, April and May. This has created pent-up demand and shortage in housing stock, which is helping support prices. The property website said that it had experienced its highest levels of activity between May and June, as the property market reopened.

A study by data analytics firm, Twenty Ci, shows that there is currently a shortage of new housing stock on the market. Only 26% of the properties currently listed have been advertised for less than 3 months, whereas this proportion was 55% in June 2019.

Stephen Ludlow, Chairman at ludlowthompson says: “Now that lockdown restrictions have been eased, buyers are returning to the property market and demand in London remains high.”

“The shortage of new housing stock on the market means that the London market is still competitive and there are signs that the gap between asking and selling prices is tightening. Those looking to invest in property in the capital should be confident in its long-term prospects – especially as the Bank of England has made it clear that they want to bring broader interest rates down.”

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 large one-bedroom period conversion in Oval.

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Sam W via Google Reviews:

“Ludlowthompson was a great estate agents - well connected, good at spotting the right buyer and incredibly helpful and responsive even in the toughest of situations. The team was professional and reliable, seeing things through until you get your home sold. Heroic! An excellent service, highly recommended”

George A via Google Reviews:

“The team are true professionals who are honest and trustworthy. They've been quick to respond and great at explaining the process, would definitely recommend!”