The sales market within prime central London has been encouragingly resilient, outside of the initial lockdown. The noticeable reduction in international demand brought on by the travel restrictions was cushioned by Londoners. More specifically family home buyers, who were spurred on by the low interest rates and an increase in the time we were forced to spend at home. This has unsurprisingly caused a supply crisis in London’s leafier neighbourhoods, such as Hampstead, Wandsworth, Richmond and Notting Hill.
The seasonal family house market has continued well into Autumn as frustrated buyers who were unable to move during the stamp duty holiday continue their search. The result has been many of the desirable properties transacting before they are brought to the open market.