Times of uncertainty rule the world; we are in the post-covid era with many political conflicts currently happening … How might these issues affect the property market in London? Rickman Properties Managing Director, Kieran Ryan, explains.
Rabbits In Headlights!
“I saw this headline in a property publication last week, and thought what is that journalist on about? Well, low and behold, I do now!
It’s terrifying what’s happening in Ukraine, and the entire world has responded in a way that I certainly have never seen before. Going back home, here in London, we have many, many potential buyers still very keen to purchase. So many, many applicants wanting to rent, BUT for some reason, the current market has stumbled with vendors & landlords waiting to see what happens with this awful situation.
So why are there an abundance of purchasers & renters waiting in the wings?“
Recent research by SpareRoom revealed that rent in London is rising, with numbers not seen since the pre-pandemic era. Rents are up, but the stock is down. Comparing February 2022 with 2021, stock in London is down 53%. This is mainly due to uncertain feelings felt by London landlords.
The research also points out that some London landlords (20%) are considering leaving the rental market altogether. Others (11%) are planning to reduce their portfolio.
Kieran Ryan says:
“It’s my firm belief that London has come back with a vengeance, as a “hot” destination to live in. Most covid restrictions have been removed, and we are economically back to some normality after a long absence. Of course, there are still people who want a ‘lifestyle’ change to the countryside or suburbia, but not as many as in the pandemic.
I wish I could see into the future to know what will happen in the property market, but sadly I can’t! What I can do is to tell you that if you are sitting on the fence about moving home to The Royal Borough of Kensington & Chelsea or thinking of letting your home; this is the moment to do it.
The fact is, there are a lot of people looking. Contact me personally, and we can always try and help you decide.”
Kieran Ryan (Managing Director, Rickman Properties)