Latest stats on London economy give a call to action for homeowners and landlords alike
- 5th June 2018
- Property Tips
New study reveals increasing take-up of Central London office space - indicating strong employment prospects and continued high demand for property
With daily news stories about the impact of Brexit and the overall state of the London economy, it is important to flag up key indicators and what it means for the property market in the capital.
While its relevance to landlords and sellers may not be clear at first glance, recent figures showing that take-up of Central London office space increased by 4% last year should be welcomed.
What it suggests is that, far from questioning whether London is the place to be with Brexit less than a year away, they are continuing to invest in and build their presence in the capital. And that, ultimately, means strong employment prospects and large numbers of people continuing to move into the capital.
And that means demand for residential property looks set to stay strong – both in the immediate short term and over the long term - from graduates looking for their first room to rent, to young professionals looking to take their first steps on the property ladder.
Stephen Ludlow, chairman at ludlowthompson, says: “Ultimately strong economic growth translates into strong rental and property demand, so it should serve as a call to landlords and sellers to look to take advantage of the good opportunities available.”
“For buyers as well, especially first-timers, now is a good time to go to market – during the traditional buying season and while there is a good amount of mortgage money available to trade up or purchase your first property. Indeed, the latest statistics show that rates for first time buyers have been falling.”
“More properties will be on the market now in the summer months than at other times of the year, giving prospective buyers the maximum amount of choice – and generally in nicer weather too!”
Ultimately strong economic growth translates into strong rental and property demand, so it should serve as a call to landlords and sellers to look to take advantage of the good opportunities available
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