Why ‘safe as houses’ resonates after lockdown
In this month’s feature-packed edition of Mews News, Telegraph property writer Zoe Dare Hall examines the current prospects for homebuyers, sellers and landlords. The article, which features an interview with Lurot Brand’s Head of Sales Marlon Lloyd Malcolm, explores issues affecting the post-lockdown property market and asks “are we out of the woods?”
A good place for your money?
The latest statistics from LonRes show a 9% increase in offers on prime London properties in July, compared with figures from the same month last year. As a result, Lurot Brand has already handled as many sales in 2020 as it recorded for the whole of 2019.
Zoe Dare Hall points out that this summer’s property upswing is not unlike the ‘Boris Bounce’ that happened in early 2020. However that particular upswing was based on the perception that Brexit was progressing and the recent election results would bring more political stability. Nine months later the Covid-19 pandemic, combined with stalling EU trade talks, has created a new era of uncertainty. However the old saying ‘as safe as houses’ clearly resonates with post-Covid homebuyers and Marlon Lloyd Malcolm says property is still regarded as “a pretty good place to put your money”.
Lockdown lifestyle changes
According to Marlon Lloyd Malcolm, “Mews streets take away the anonymity of living in London”. Marlon believes the feelings of loneliness and isolation that built up during lockdown has created a desire amongst homebuyers to live in communities where they can feel more connected to their neighbours.
Mews streets, with their shared, communal areas, bring people closer to their neighbours. Marlon says “People are using their streets in a sociable way, lining them with picnic benches”.
Paying for perfection
Currently around half of Lurot Brand’s transactions go through at the full asking price. Marlon tells Zoe Dare Hall that buyers are happy to pay top prices if the property is right. “If they see something that is in perfect order, on a good street and within their budget, they go for it”, he explains.
However issues arise when a property is in poor condition, or located on a less popular street. Where the property is less than perfect, buyers tend to lack commitment and have been known to drop out of a transaction at short notice.
Glass half full vs. Glass half empty
While some are taking the current ‘mini-boom’ as a sign of better things to come, others are counting the damage incurred over the past three months and worrying about the economic storms ahead. While Marlon is clearly happy with the recent bounce in market activity, he is quick to warn about the risk of “getting ahead of ourselves too quickly.”
If you want to read Marlon’s advice in detail, head to Mews News and click through to page 6. You’ll also find a wealth of fantastic features on everything from rental investment tips to wartime mews history. Finally, if you’re planning to move house shortly, why not contact Marlon and his team for help?