SUPPLY AND DEMAND
We consider ourselves extremely fortunate to operate in Prime Central London – one of the safest and most stable property markets in the world. However, whilst we tend to focus on the two square miles surrounding Sloane Square, it is important to keep an eye on the wider UK market to keep abreast of general conditions.
Zoopla have just issued their latest House Price index report for February and it makes for interesting reading.
In summary, demand continues to increase and with the continued trend of homeowners not wishing to market their properties whilst the nation remains in the grip of a pandemic, supply is dwindling.
Zoopla’s Head of Research Grainne Gilmore comments “this imbalance between supply and demand continues to put upwards pressure on prices, with annual growth at +4.3%, matching the highest level of growth seen in nearly four years.”
So how does this correlate with our market? Put simply, the imbalance being seen around the country is also starting to be witnessed in the golden postcodes of Prime Central London.
The demand we mentioned last month continues to grow and whilst we are cautious for what will unfold when the economic stimulus tap is turned off and with what might be contained in next week’s budget, it seems to us that when international travel resumes and London reopens, we will continue to see an uplift in enquiries from new buyers – pointing not to price stagnation, but price growth.
If you are thinking of bringing your property to market in the coming months, now is the time to start getting prepared so when the time is right, you don’t miss out.