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London ‘lagging’ behind Northern Powerhouses

 London ‘lagging’ behind Northern Powerhouses

The Covid crisis and the resulting lockdown will have a big influence on property trends this year. Since the reopening of the property market in the UK, new figures have shown a ‘rapid rebound’ in demand for homes.

Moneyfact, along with other financial firms, have noted that some of the most encouraging trends have emerged in regions like north-west England, with London “lagging behind as buyers look outside the capital”.This has led to increased interest in the “Northern Powerhouse”. The brainchild of ex-Chancellor of the Exchequer George Osborne, this wide-ranging agenda was designed to boost the region’s economy and close the North-South divide

Since the market reopened, new sales agreed were just 12% below the levels seen in early March, thanks to a 137% rise in agreed transactions, according to Zooplar.

Richard Donnell, director of research and insight at Zoopla, explains that this increase is “not solely explained by a return of pent-up demand”. He adds that “Covid has brought a whole new group of would-be buyers into the housing market. Activity has grown across all pricing levels, but the higher the value of a home, the greater the increase in supply and sales as people look to trade up. New sales in London are lagging behind as buyers look at commuting and moving into the regions.”

This demand for housing is expected to delay anticipated price falls until the end of 2020, and it is predicted that UK house price growth will hold at 2% for the next three months.
This progression of the property sector, despite Covid uncertainty, is extremely encouraging. The rebound in housing market activity since last month’s reopening is a trend we do not expect to decline anytime soon. This is great news for investors who are looking for UK property that will continue to provide them with opportunities for yield growth in the coming years.

Rebecca Smith

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