Astons: 52% of London postcodes have seen a property price increase since the end of 2019
Arthur Sarkisian, managing director of Astons: “London has been hit harder than most where a COVID decline in buyer interest is concerned, largely due to the need for a quick commute dwindling in importance amongst homebuyers. However, the London market is far from on its knees and although there is almost a fifty-fifty split between postcodes where pandemic price changes are concerned, those areas that have seen an uplift have performed very strongly indeed.
“While many domestic buyers have been romanticizing about dreams of moving to the countryside, London has remained very attractive to foreign buyers, in particular. This demand has been largely driven by the desire to complete before an increase in stamp duty on foreign purchases come April.
“As a result, some areas of the London market have seen sharp uplifts in property values despite the continued threat of COVID-19 and the resulting lockdown restrictions.”
Source: Mortgage Introducer