Of course, the Stamp Duty holiday<\/a> has had a major influence on the UK property In London, the property market has not experienced a surge in demand to the same extent as other parts of the UK, with transaction levels remaining steadier and the gradual tapering of the scheme should ensure that there is little or no negative impact.<\/p>\n As a result, we expect demand to remain consistent, and in fact, for momentum to build over the next few months due to other influences.<\/p>\n Lockdowns prompt a shift in priorities<\/strong><\/p>\n Homebuyers\u2019 changing requirements have also been a real catalyst in the buoyant London property market<\/a>.\u00a0 We have been spending much more time at home over the last 18 months, making us appreciate just how important our home is.\u00a0 In particular, we crave more space \u2013 inside and out \u2013 as our homes become somewhere we can both live and work \u2013 and this has become a driving force in what we are looking for in our perfect home.<\/p>\n In fact, space is now often more important than traditional requirements such as proximity to public transport and this is prompting some people to move further out where this space is more affordable than in central London.<\/p>\n New ways of living \u2013 and working<\/strong><\/p>\n While there is always a lull in demand over the summer months, as people take their annual holidays \u2013 at home this year if not abroad \u2013 we expect enquiry levels to continue to grow as we move towards autumn, with strong activity prompted by workers returning to their offices (at least part time) and maybe considering a new area to call home.\u00a0 We will see this trend continue as we all start to adapt to new ways of working \u2013 and living.<\/p>\n Meanwhile, as travel restrictions ease, international buyers are considering a move Financial incentives influencing the London property market<\/strong><\/p>\n Increased demand has also been prompted by incentives such as the government\u2019s 95% mortgage scheme, together with historically low interest rates.\u00a0 While for overseas investors<\/a> the weakness of sterling is probably the key driving force, bringing significant cost savings.<\/p>\n In addition, many potential homebuyers have been saving significant amounts of money during the recent lockdowns.\u00a0 Those who have remained employed have had nowhere to go and not much to spend their money on!\u00a0 The Bank of England estimates the amount saved by individuals could be as much as \u00a3100bn.\u00a0 This gives buyers a substantial deposit for either their first property or their next move up the ladder.<\/p>\n Shortages of good properties across London<\/strong><\/p>\n And of course, a continuing shortage of properties in London<\/a> and the UK generally contributes to the strength of the property market, keeping house prices buoyant.\u00a0 The government says we need 300,000 new homes a year to meet demand yet on average we build only 250,000 \u2013 so demand continues to outstrip supply across the country.<\/p>\n Larger homes being snapped up in Hampstead and Highgate<\/strong><\/p>\n Areas like Hampstead<\/a> and Highgate<\/a> are extremely popular and we’ve seen many corporate executives relocating to London with their families, thanks to the outstanding schools in both areas.\u00a0\u00a0 This year is no exception and the Hampstead residential property market is changing quickly.\u00a0 We have been receiving a lot of instructions recently and these are selling well.\u00a0 In particular, larger family homes (three\/four bedrooms) are being snapped up by the domestic market, families mostly, who are keen to move to the area before the start of the September school term.\u00a0 Some of these buyers have down-sized from central London homes and prefer the extra space they can get within their budgets and of course, being near the Heath is a real bonus.<\/p>\n We desperately need more stock so if you are thinking about selling your property in Hampstead, please get in touch with our Hampstead Sales<\/a> branch to arrange a free market appraisal of your property.<\/p>\n Read more comment from Benham and Reeves in the national press <\/strong><\/p>\n If you\u2019re interested in the London residential property market you won\u2019t want to miss our regular market comments in the national press.\u00a0\u00a0\u00a0Our director, Marc von Grundherr, gives regular interviews to national newspapers including the Times, The Guardian, the Evening Standard and City AM, giving his perspective on the latest property news and trends.\u00a0 One of the most recent is his contribution to an article in The Times about investing in a property along the route of The Elizabeth Line (Crossrail), outlining Marc\u2019s own experience of investing at The Green Quarter in Southall<\/a>.<\/p>\n And of course, you\u2019ll also find plenty of interesting articles by going to our News area where you can see recent press coverage<\/a>.<\/p>\n Are you planning to buy or sell a London property soon?<\/strong><\/p>\n If you are planning to buy a property in London<\/a> soon, or if you plan to put your current property on the market for sale, please get in touch with our sales team<\/a> to discuss your requirements or arrange a free market appraisal.<\/p>\n","protected":false},"excerpt":{"rendered":" At the end of June we saw the deadline for the government\u2019s Stamp Duty holiday which is now being tapered down until it is phased out completely at the end of September.\u00a0\u00a0 And I am sure many homebuyers are wondering what effect this will have on the London property market.\u00a0 But this is just one … <\/p>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2021\/04\/tax-cut-300x200.jpg\")
market which has outperformed all expectations in recent months, with house prices across the country reaching record highs.\u00a0 The average price of a home in London<\/a> in May was \u00a3497,948, around \u00a37,000 below March\u2019s record of \u00a3504,384, but still \u00a317,000 above the level at the start of the pandemic in March 2020.\u00a0 And there is no doubt that the holiday contributed to the outstanding performance of the UK property market.\u00a0 But it was only one<\/em> of the driving factors.<\/p>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2021\/08\/asian-chinese-couple-talking-to-consultant-300x200.jpeg\")
back to London and perhaps buying a home rather than renting. \u00a0Of course, some of these will be executives moving to the UK capital as they are on secondment with their firms, while we are also seeing growing numbers of BNO passport holders from Hong Kong seeking a permanent move to the UK.<\/p>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2021\/08\/39-Flask-Walk-hi-res-re-touched-300x200.jpg\")
Flask Walk Hampstead<\/figcaption><\/figure>\n![\"\"](\"https:\/\/www.benhams.com\/news\/wp-content\/uploads\/2021\/07\/news_980x576_marc_nep-300x176.jpg\")