Staying Alert: What does Covid-19 mean for the London property market?
As we head into another week in lockdown, we discuss the impact of Covid-19 is having on the London sales and lettings markets.
1 minute to read
Tom Bill, Head of London Residential Research; Head of Lettings, Gary Hall; and Head of London Sales, James Clarke, assess how the London market has fared throughout the pandemic and what the future holds for London residential.
We also look at what might happen next, the practical steps the market could take, and how the government can help.
Tom Bill, head of UK residential research: “The overall point to make is there’s probably more going on than people might expect from their own lockdown vantage points. It’s quite easy to assume that the world has effectively stopped but there are still things going on, people are planning for what is coming next. It feels like an almighty pause button has been pressed on the market. If we try and drill down and look at sales and lettings in more detail, perhaps unsurprisingly lettings activity has been higher during the lockdown. It’s an industry that’s matured in recent years, it can turn things around quickly, and it’s certainly the most agile part of the UK housing market. Virtual viewings have been more prevalent, new tenant registrations haven’t fallen as far, and new listings have held up better.”