{"id":20819,"date":"2022-06-02T07:11:49","date_gmt":"2022-06-02T06:11:49","guid":{"rendered":"https:\/\/www.benhams.com\/news\/?p=20819"},"modified":"2022-06-02T09:25:47","modified_gmt":"2022-06-02T08:25:47","slug":"demand-to-purchase-london-homes-sees-dramatic-increase","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/news\/property-sales-market\/demand-to-purchase-london-homes-sees-dramatic-increase\/","title":{"rendered":"Demand to purchase London homes sees dramatic increase"},"content":{"rendered":"

\"TenantDemand for homes in London continues to grow and our team of London estate agents is seeing enquiry levels increase at pace, especially as we move into the summer months – traditionally the busiest sales period for London properties<\/a>.\u00a0 We\u2019re carrying out ever increasing numbers of market appraisals for sellers while the number of new buyers registering with us is rising dramatically too. \u00a0With properties selling quickly and market activity picking up, we urgently need more stock to meet demand, so we are keen to talk to sellers if they are thinking of putting their property on the market.<\/p>\n

Buy-to-let investors a driving force<\/h2>\n

\"Buy-to-letThe soaring demand for London investment rental property<\/a> is leading to an increase in the number of buy-to-let investors (both UK and overseas based) looking to expand their property portfolios, particularly in areas which have undergone significant regeneration.<\/p>\n

The lifting of travel restrictions across the globe is creating an uplift in international demand which has been growing steadily over the last few months, with many of these enquiries from investors from China, Hong Kong, Malaysia and India.\u00a0In fact, we recently carried out an extensive analysis of the number of London homes registered to overseas buyers and discovered that there has been a 4% increase, from 2020 (81,872 homes) to 2021(85,451 homes).\u00a0 This equates to a total value of \u00a359.3 billion in 2021 \u2013 a \u00a36 billion increase from 2020.\u00a0 An interesting and perhaps surprising statistic.<\/p>\n

Find out more at Foreign buyers spend \u00a36bn more across the London market (benhams.com)<\/a><\/p>\n

The Crossrail effect<\/h2>\n

\"TheOf course, the newly opened Elizabeth Line (Crossrail) has been a prime driver of much urban regeneration, creating significant house price growth for those that invested early on.\u00a0 The areas that have seen most benefit are often those that were previously overlooked in terms of transport links.<\/p>\n

Crossrail<\/a> has transformed these areas, acting as a catalyst for investment and development, with property developers building smart new developments typically favoured by London\u2019s professionals \u2013 both renters and buyers.\u00a0 Many of these are, in fact, new communities in their own right, with shops, cafes and restaurants, sports facilities, open green spaces and other amenities.<\/p>\n

In fact, we recently carried out research that revealed that many postcodes close to a Crossrail station have seen house price increases of 79% since the project was first announced in 2008, carrying a 14% premium over the surrounding areas.<\/p>\n

For a more detailed analysis of the Crossrail effect, read our latest research at:\u00a0 Crossrail house prices up by as much as 215% since it was first announced (benhams.com)<\/a><\/p>\n

New developments transform former brownfield sites in London<\/h2>\n
\"The
The Green Quarter<\/figcaption><\/figure>\n

Many of these new developments<\/a> are on former brownfield sites such as The Green Quarter<\/a> in Southall, located on a former gasworks.\u00a0 \u00a0This development from Berkeley Group is popular with homebuyers looking for a quick commute to central London and the City \u2013 it\u2019s also now a rental hotspot popular with London\u2019s professionals who are looking for a high spec home and great amenities \u2013 at affordable rents.<\/p>\n

In East London, Royal Arsenal Riverside<\/a>, also from Berkeley Group, is another popular destination for buyers and renters, with its own Elizabeth Line station.\u00a0 It\u2019s just a seven minute commute to Canary Wharf<\/a> and a 16 minute trip to Farringdon<\/a>.\u00a0\u00a0 Again it has fantastic amenities, including shops, restaurants and sports facilities and our estate agents branch<\/a> on-site here is seeing good demand from buyers wishing to purchase a property in both these locations.<\/p>\n

Renters looking to get onto the first rung of the property ladder<\/h2>\n

A key trend we\u2019re seeing in many areas of London, is the decision by professionals who are currently renting to make their first move onto the property ladder.\u00a0 \u00a0\u00a0Managers of several of our 19 London lettings branches<\/a> are reporting that the main reason now for tenants to vacate their current rental property is because they are buying their first home.<\/p>\n

With rental demand so high, good rental properties are hard to find because of high renewals and low-supply in the new build chain causing chronic stock shortages, and this is pushing up rents, so buying a property<\/a> is the next logical step for many, if they can afford it.\u00a0 And, as interest rates are starting to increase slightly, there is a real sense of urgency to lock into a competitive fixed rate mortgage now, before the best deals are withdrawn and rates rise further.<\/p>\n

Prime London market finding its feet<\/h2>\n
\"Chester
Chester Row, Belgravia<\/figcaption><\/figure>\n

The prime London market is gradually finding its feet too, after a slowdown caused mainly by the impact of the pandemic and restrictions to foreign travel.\u00a0 In particular, we\u2019re seeing a revival of interest from overseas buyers who continue to return to the market.\u00a0One fantastic property that stands out at the moment is a recent new instruction, a beautiful, \u00a36.2m townhouse in Chester Row, close to Sloane Square.\u00a0 It has five bedrooms and four bathrooms, as well as a media room, with a stunning central courtyard garden.\u00a0 We\u2019ve carried out a handful of viewings already but as you would expect at this asking price, the right type of buyer is sought.<\/p>\n

Book an accurate valuation of your London property<\/h2>\n

With stock levels so low, we urgently need new instructions across London to meet growing demand from homebuyers and property investors.\u00a0 So if you\u2019re planning to put your property on the market soon, get in touch<\/a> to arrange a free, no obligation market appraisal of your property<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Demand for homes in London continues to grow and our team of London estate agents is seeing enquiry levels increase steadily, especially as we move into the summer months – traditionally the busiest sales period for London properties.<\/p>\n","protected":false},"author":1001032,"featured_media":20822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[443,451,452],"tags":[],"class_list":["post-20819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-landlords","category-london-property-market","category-property-sales-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/20819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/users\/1001032"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/comments?post=20819"}],"version-history":[{"count":6,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/20819\/revisions"}],"predecessor-version":[{"id":20847,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/posts\/20819\/revisions\/20847"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media\/20822"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/media?parent=20819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/categories?post=20819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/news\/wp-json\/wp\/v2\/tags?post=20819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}