The pandemic has changed the priorities of the tenant and buyer more than ever. People are more invested in looking for an additional meaning to the properties they’re looking for. They are seeking comfort and bigger spaces as a top priority. In this article, we will talk about trends in the property market and how it affects London properties for rent and sale.
2022 London property market trends
With the ongoing trend of buyers looking for bigger properties, bigger terraces and access to close amenities – researchers show that the Real Estate market is getting ahead of these fast. Landlords are looking to expand their portfolios by looking for value-add opportunities while benefiting from the fall of mortgage rates and the rising of rents.
Priorities have also changed responding to the needs of tenants. The top five priorities are properties with a garden, a decent-sized living space, being in a residential area, having off-street parking and being close to green spaces. This is as a result of the fact that people are now more interested in feeling comfortable at home and in having multi-functional spaces due to the quarantine and isolation.
Now in 2022, interest in real estate investment remains strong. We are now experiencing a market partially defined by COVID-19, vast changes in living priorities and developing technologies – which are among the trends that define the investors’ preferences. Many landlords that have gained confidence again, are now actively looking to add hard assets to their portfolios after a tough year.
What the Property Market Statistics Show
Looking back at how the market was during the height of the pandemic, it was very slowed. The first lockdown encouraged a move to more regional areas and rising property prices outside of London instead. However, due to a mass return to the city, the London housing market is recovering.
This means a recovery in real estate. As The Week reported, house prices in London have increased and it is expected to continue to grow as the post-Covid conditions start to normalise.
Tom Bill, head of residential research for Knight Frank says amongst the reasons why people are returning to the City are the reopening of offices and the return of buyers and students. In fact, the number of accepted house offers in central London was 116% higher in November 2021 than the previous year.
Covid forced landlords to sell properties, but the demand for rentals is increasing, and the offer is not enough. Consequently, this gap in the market could mean an excellent opportunity to invest in London.
When is the best time to invest in London properties?
If you are interested in investing or becoming a private landlord, you should thoroughly research and plan to protect your property investments. Seeking advice and support from qualified London property advisers could be invaluable when navigating your options.
Now that the market has settled down, there are great opportunities to buy or re-finance because of the lowest mortgage rates the market has ever seen. Properties are selling more quickly than ever because of the level of optimism around the property market and the imbalance between supply and demand.
Buying to rent is also a great opportunity, as the trend indicates that now people are renting for longer. According to a survey, 49% of UK renters expect to rent a property for the rest of their lives. Contracts are expected to be for a longer period, which means that rents are bound to be a permanent income for landlords.
We can sum up that the London market is resilient and the City is facing a recovery with positive expectations for the rest of 2022. Visit our properties page to get an idea of the London properties for rent or for sale that we have on offer within your price range. If you are finding it hard to find somewhere suitable, please contact us so we can assist!
