London Property Market in 2020

As Homes&Property mentions in their article “property market appears to have bottomed out ahead of possible spring revival”.

Although the average price of a home in the capital fell 0.5 per cent in November to £475,458, they rose year on year for the second time in the last three months, latest Land Registry figure showed.

The slight autumn upturn followed 18 consecutive months of annual falls as buyers and sellers stayed away from the market during three years of Brexit turmoil.

Boroughs with hefty annual rises included Camden (up 6.8 per cent), Barking & Dagenham (4.9 per cent), Haringey (4.5 per cent) and Tower Hamlets (4.4 per cent).

The biggest falls were in the most expensive boroughs, led by Kensington & Chelsea, where there was a 12.6 per cent decline, and Westminster, where the average price fell 8.8 per cent to below the £1 million mark.

However, Nick Leeming, Chairman of agents Jackson-Stops, said: “Post-election, a degree of certainty has now been welcomed back to the market and the property industry is set to be entering a new phase of growth.

“With the so-called ‘Boris bounce’ set to create momentum in the industry, we expect to see a release of pent-up property demand and for the market to return to business-as-usual.”

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