Average property prices in London have risen since last June
- 19th June 2020
- Selling Property News
Pent-up demand following lockdown and shortage in supply is driving the increase
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.
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Now that lockdown restrictions have been eased, buyers are returning to the property market and demand in London remains high
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