London’s pandemic exodus ‘in reverse’ as workers move back
Analysis by estate agent Foxtons reveals that the London market is back in balance with both inner and outer London helping to drive market performance.
The London property market is starting to get its mojo back with latest analysis by Foxtons revealing that over the last 12 months some 81,875 homes have sold across the Capital.
The estate and lettings agent analysed sales volumes across each borough of London over the last year, dissecting the market by inner and outer boroughs, to see how the Capital is faring after the pandemic exodus that saw inner London homebuyers and sellers leave in their droves.
MARKET ACTIVITY
Of the homes that have sold 49,422 were across London’s 19 outer boroughs, accounting for 60% of total market activity – higher than the total number of sales seen across inner London at 32,453.
But when broken down at a borough by borough level (see table below) the figures suggest a much more balanced market.
On average, 2,601 homes have sold per borough across outer London in the last year, with inner London only marginally behind with an average of 2,318 transactions per borough.
When it comes to the best performing individual borough, inner London takes the plaudits. The London Borough of Wandsworth has seen some 4,567 homes sold over the last year, accounting for 14.1% of all inner London transactions and 5.6% of the London-wide total.
Meanwhile, the outer London boroughs of Bromley and Croydon place second and third, accounting for a respective 5.2% and 4.8% of all London property transactions over the last year, while inner London’s Lambeth sits fourth having accounted for 4.2%.
PANDEMIC INSPIRED
Guy Gittins, Foxtons Chief Executive, says: “There’s no doubt that a pandemic inspired exodus of homebuyers and sellers really dealt a blow to the inner London property market during the dark days of the pandemic, the result of which was a reduction in buyer demand and sales volumes.
And he adds: “The good news is that this trend has been in reverse over the last year, as a return to normality and the workplace has tempted buyers back to the capital.”
“In fact, when it comes to the best performing boroughs over the last year, five of the top 10 are located within inner London, which really demonstrates that the capital is finally back in balance where the property market is concerned.”
The Neg reveled on Monday that Foxtons has bought seven-branch rival Ludlow Thompson for £10 million from its retiring co-founders Stephen Ludlow and David Thompson.
