Real estate is easily one of the most profitable industries in all of the United Kingdom, with Statista reporting more than 500,000 people employed in this industry annually. In 2018, the average revenue from real estate was approximately 69 billion pounds. The UK Office for National Statistics (ONS) reports the 2019 average buying price for a house was Â£230k. Unfortunately, however, the cost of real estate in Central London has changed significantly due to a pandemic-induced recession. Keep reading to learn more about the real estate marketing in Central London with COVID, as well as the in the UK overall.
How COVID-19 Has Impacted UK Real Estate
Notwithstanding the monthly drop in real estate prices of Â£2,080 throughout the UK, 2020 saw an overall increase in these figures by at least six percent leading to a median price of Â£253k. This was driven by increased housing demand, and the Sunak’s stamp duty holiday that permitted taxation for properties of Â£500k and above. Despite these things, there was a noticeable decrease in real estate transactions throughout 2020 when compared to prior years. As such, experts in the real estate industry are anticipating possible price decreases in 2021 caused by a number of “downward pressures” like:
– A potential rise in unemployment as business support measures and government furlough schemes come to an end in 2021 leaving numerous people unable to pay their mortgage costs
– An overall economic decline
– Decreased housing demand after massive purchases throughout the stamp duty holiday
Marylebone Area Real Estate
Much like the rest of the United Kingdom, Marylebone and the rest of Central London has suffered the devastating impact that the COVID-19 pandemic has had on the real estate industry. For a clearer picture, housing prices were at their highest point in September 2020 after a significant surge in July. However, housing prices have dropped by three percent or more since the start of 2021, and this is a solid indication that they’re poised to drop even further. This comes after a significant decrease in the overall number of real estate purchases, with zero sales throughout all of January 2021. Even after this decline, prices remain relatively high to how they were before the COVID-19 pandemic caused recession. As such, you should avail yourself of Marylebone Estate Agents if you want better market prices. Real estate agents can strategically navigate the market, and can help you save time, money, and energy while finding your ideal property.
This the state of the real estate industry in the United Kingdom at present. However, due to the uncertainty of the times, it’s nearly impossible to product the future course of the Central London property market. To get the best deals on property in Marylebone, contact Jeremy James today.