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The Property Podcast

TPP419: What's happening to the London property market

The Property Podcast

Rob Bence & Rob Dix

News, Investing, Education, Business, Business News

4.82K Ratings

🗓️ 25 March 2021

⏱️ 23 minutes

🧾️ Download transcript

Summary

This week we’re taking a look at the future of London Since the Coronavirus pandemic hit last year, the future of London and its property market has been a hard one to predict.  As it stands, the London market is all over the place.  Rents are falling, house prices are falling and thousands of people are leaving the capital.  So what does all this mean for the future?  We’re dedicating a whole episode to just that. Here’s what to expect on this week’s property podcast episode The media love the property market. And they love London.  But journalists tend to look at what’s happening in the capital and presume this is the same across the country.  That’s why it’s important to not be swayed by headlines.  Normally we steer clear of discussing London on The Property Podcast but after the past 12 months and the effects Coronavirus has had on the whole country, we felt the need to address the future of London.  It’s common knowledge that people are moving out of the capital and clearly tourism has taken a hit over the past year.  So what does that mean for you if you’re an investor in London or you were planning to make an investment there? Today Rob & Rob are covering: Why has London been hit so hard? Why 700,000 people are leaving London Rents falling and what this means Falling house prices The latest price statistics you should know Plus so much more! So, is the future of London looking bleak or is there hope on the horizon?  Tune in to find out.   In the news This week’s news story comes from Mortgage Strategy and the headline reads ‘strongest sellers’ market for a decade’.  The article uses data from Rightmove where they’ve measured the number of enquiries per property, which is 34% higher than last year - that’s a busy month! This demonstrates how strong the market is right now and the supply of properties coming onto the market is certainly proving an issue.   Hub extra This week’s Hub Extra resource is one to get you out and about. It’s called All Trails and this app helps you to explore your local area. If your usual walk/run route has got a bit stale, this is worth a look. You simply pop your local area into the app and it’ll suggest a load of new routes nearby for you to explore.  Perfect if you’re wanting a change of scenery this weekend.    Let’s get social We’d love to hear what you think of this week’s Property Podcast over on Facebook, Twitter or Instagram. You might even have a topic you’d like us to cover in the future - if so, pop us a message on social and we’ll see what we can do. Make sure you’ve liked and subscribed to our YouTube channel where we upload new content every week!  If that wasn’t enough, you can also join our friendly property community on the Property Hub forum. See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

London is calling this week for the Property Podcast. It is a really, really interesting

0:08.4

market now. Rentals are all over the place. Property prices? Well, we'll discuss those.

0:14.9

And of course, most importantly, what's going to happen in the future? And I think you'll

0:19.3

be shocked by our conclusion.

0:27.5

Welcome to the Property Podcast, where every Thursday property investors come to be informed

0:31.5

and inspired. London is always a hot topic when it comes to talking about property. It's

0:36.6

caused a few problems over the years as well. Our predictions regarding London have not

0:40.1

exactly been spot on. But right now, the property market in London is absolutely fascinating,

0:44.8

so much to say. So we're going to be getting into all that in this episode. And stick

0:49.2

around to the end because in hub extra, we've got a free app that's going to get you

0:52.7

out and about and staying active.

0:55.3

So this week's new story comes from the mortgage strategy website. And the headline reads

1:00.3

strongest sellers market for a decade. And this is from right move. So Rob, but strongest

1:06.1

in a decade, that's worth paying attention to.

1:08.3

It is. They're measuring this by number of inquiries per property and that it's 34% higher

1:14.5

than it was for the same time last year. And it's worth remembering that the same time

1:18.5

last year was particularly busy month as well, because this was last February. So it was

1:23.9

after some of the Brexit stuff had been sorted out. People were feeling newly confident.

1:28.1

And it was before COVID hit us. So 34% up on an already busy month is a lot. And now

1:34.1

according to right move demand is exceeding supply by the greatest margin for 10 years.

1:38.5

It's just another indicator of how hot the market is right now. The only exception,

1:43.7

according to this article is London, but we're talking about today. But everywhere else,

...

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