London house price warning: expert predicts 10% price drop | United Kingdom | New

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the coronavirus the pandemic could see the demand for city center living decrease as more people work from home and want to spend more time in larger homes in the country. Rightmove revealed that in April, 51% of requests from London buyers were for properties outside the capital. Real estate agent Savills revealed that four in ten people planning to move are now more likely to choose a location in the countryside than before the pandemic.

According to The Telegraph, real estate agents have reported an increase in requests for regional properties from London buyers.

Families who have been left out of the pandemic may want to invest in a part of the country that allows them to get bigger housing for their money.

Savills predicted that the pandemic would drop by ten percent, which could bring average capital ownership down to £ 435,529.

Matt Oakley of Savills said: “In summary, London is likely to recover first, but soon thereafter, area attractions will be remembered and we will see investor interest in their direction again. “

Oakley also pointed out that investors may prefer to buy outside of London as there will likely be less competition from foreign buyers.

Priorities have changed, Savills revealed that 39 percent of people now want to increase their size so that their home can meet their need to work from home in the future.

SEE MORE: UK Property: Pending housing prices… but for how long?

The epidemic will end 520,000 UK home sales in 2020.

Of course, London buyers may find it difficult to leave the capital if they cannot find a buyer for their own home.

Real estate agents hope that people browsing properties virtually during the foreclosure will mean they can buy quickly once the foreclosure is complete.

Buyers are more likely to invest in a second property in the UK rather than abroad due to potential new travel restrictions.

Lawyers for Fuster & Associates have found that some future buyers have started to question their decision to buy in Spain in light of the pandemic.

The only good news is that falling house prices could make it more affordable for first-time buyers to access the ladder of real estate in London.

Boris Johnson is likely to lift some of the foreclosure on Sunday, so it will remain to be seen how property prices are affected.

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