“Some parts of central London are now looking extremely cheap compared to their previous price levels,” suggests Coutts Bank, going so far as to advise its HNW clients that there are “bargains for buyers in the capital’s coveted postcodes” and that the current market “could present a strong buying opportunity, particularly for overseas buyers who could benefit from the current weakness of the pound.”
Homes marketed with a south-facing garden are, on average, priced 7% above properties without; a listing that mentions a southerly garden comes with an average price premium of £22,695, according to Rightmove.
Any increase in demand for country living over urban location is likely “to be a one-off factor rather than a long-term ‘seismic shift’ in consumer attitudes,” says Zoopla. The average UK house price increased by 2.7% in the year to June 2020, according to the portal’s index.
“The UK will officially be declared to have entered a recession next month,” says Knight Frank’s Tom Bill. “Recessions are not normally good news for the property market but given how strongly it is performing, this is also unlikely to be any ordinary recession.”
Michael Johnson and the Social Market Foundation are calling for “tens of billions of pounds of new taxes to be levied on increases in the value of homes”, with a new Property Capital Gains Tax replacing Stamp Duty and Inheritance Tax on main residences.