We may be in peak summer but the torrential rain suggests the weather gods have other ideas. The truth is, though, after a good year or two, we seem to have forgotten the more usual pattern of summer washouts.
There have, however, been some more welcome returns to normality in recent weeks. On the 19th of July, the majority of our Covid restrictions were lifted and some of the travel rules were also eased, especially for those who were double jabbed. For the travel, sport, music and entertainment world it was a huge relief and it will also bring some significant changes to the property industry. We have been talking for some time about the return to our city centres and now that process is showing real signs of accelerating. During the height of the lockdown, people wanted more space. There was no need to worry about the commute because you could work from home and, for that, you needed room for an office. Often that meant moving a long way out of town.
For young people, the lure of the bright lights faded as clubs and bars closed. Now, those lights are back on and with all of us desperate to revive our social lives, they are looking brighter than ever. At the same time, both the government and many businesses are starting to put serious pressure on us to get back to the office and the realities of a long and expensive daily commute are beginning to dawn on those who fled the cities.
At the height of lockdown, prices and demand in the capital sagged while they soared outside it. Now that process is starting to go into reverse.
Rentals are the most mobile sector of the housing market. Tenants are able to react far more quickly to change than homeowners and so that is where the changes are being felt first (although sales are not far behind). For students, the return to face to face learning is leading to a surge in demand in the capital from both UK based and overseas students as they search for digs for the coming academic year. Young professionals, unsurprisingly, are also very keen to get back to the city and demand from them has grown substantially. More will follow and prices will rise, making up for any lost ground.
There is no doubt, post-September, when the second tier of the stamp duty holiday comes to an end and most students are safely in their new homes, the market will settle down to more normal levels of activity. Our changing property priorities, though, will ensure demand remains in healthy territory for some time to come.
In other news, we at Kings are currently celebrating 30 years in business. Thomas Paine and Karl Knipe opened our first office in Enfield Town way back in 1991, with a simple vision: to build an estate and lettings agency focused on outstanding customer service. Since then, we have gone from strength to strength, opening 15 offices, covering North London, East London, Hertfordshire and Essex.
So, a very Happy 30th Birthday to Kings and I’ll see you all again next month.
