London asking prices rise as lockdown inspires home movers but sellers hold off for spring
The highest demand was for moves to outer London as buyers continue to seek space over location
Asking prices for homes in London rose this month, as the current lockdown has driven people’s desire to move.
However, home schooling and freezing weather conditions mean many people who are considering selling their home are waiting until the spring – as is typical in the property market.
After three consecutive months of falls, price tags increased three per cent in the capital from January to February, compared to a national average rise of 0.5 per cent.
Unsurprisingly, the average asking price is down very slightly in London (1.1 per cent) this February compared to the same month in 2020 – when the country was still in the throes of a property bounce following the General Election and before Covid-19 truly hit the UK.
Looking beyond the stamp duty holiday
Property industry expects predicted buyer demand to slow this February as purchasers would now miss the impending stamp duty holiday cut off. However, the Covid-19 pandemic and multiple lockdowns has highlighted the need to live in the right property and place, explained JLL’s head of research Nick Whitten.
“Despite the enormity of the virus and the economic headwinds it has created, London’s housing market has continued to show great resilience, and we expect that the market will perform better over the next five years than the underlying data would suggest,” he said.