LONDON CALLING AGAIN

Central London registered house price growth rose for the first time since 2019, a rise of 0.4% for the first quarter of 2021, according to a report released by Savills. Prices across the city as a whole grew by 0.6% in the first quarter of 2021, with outer London registering 0.7% growth.

The agency referred to London as a “good buy opportunity” with prices still 20.5% below their 2014 peak, forecasting a 5-year price forecast of +21.6% for prime central London and +14.8% for outer Prime London.

A novel finding was buyers’ “evolving priorities” in the wake of the pandemic. Research analyst Frances Clacy, commented, “the third lockdown has made some people more aware of what they’re missing and there is a real sense of urban revival.” The report draws attention to a growing “park premium” for properties situated within 100metres of a public park, for the first time outranking the importance of a property’s proximity to a tube station.

Separately, an analysis by Benham and Reeves of the capital’s property market showed a huge surge in Hong Kong buyers, since Boris Johnson’s announcement that up to three million Hong Kong residents were to be offered the chance to settle in the UK. Since July 2020 Hong Kong nationals have accounted for an estimated 4% of all London market activity, up 1% for the same period the previous year.