City centres are making a comeback
According to research by property portal Rightmove, city centres and flats are working their way back into favour and it seems the 95% mortgage guarantee scheme as well as the easing of restrictions have contributed to the increase in demand. City centre prices have remained flat with an average price growth of 0% since the beginning of the year, which has allowed some buyers to get themselves a relatively good deal.
The past year saw bigger family homes being the most popular property type on Rightmove, but flats have now overtaken with a huge 39% jump in demand when comparing April with January.
Power to first time buyers
Back in April, the government introduced the 95% mortgage guarantee scheme which combined with a virtual standstill for prices has helped lots more people get their feet on the property ladder. In a study of over 1000 first time buyers conducted by Rightmove, 53% said that being able to save money over lockdowns meant they could put down a bigger deposit, and 37% said they can now buy sooner than they had originally planned.
How does this affect outer London (Including Ealing and the West London property market)?
Well, although this is all great news for first time buyers, for people who already own their own homes moving out of inner London is still a big priority, so we’re seeing lots of people wanting to move to areas like ours and purchase West London property with plenty of local green space, and maybe a larger property with a spare room to work from home and/ or outdoor space.
More people being able to buy homes in inner London, means more people are able to sell their homes and move to their own dream location.
Rightmove searches for property in West London have increased by 54% compared to the same time last year, showing the demand for property in West London is certainly still high and climbing!
If you’re looking for the best of both worlds, being a short trip to the centre of London while also enjoying the perks of living further out, have a look at our area guides where you can learn more about the local area.