WEBINAR | UK Spring Budget, London property market update with Richard Donnell from Zoopla

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Webinar 16th March '23: Post Budget London property market update with Richard Donnell from Zoopla

As the UK Spring budget focused on boosting the economy, there was a strong focus on jobs and attracting competitive investment into the UK. In this one hour webinar, guest speaker Richard Donell, Executive Director at Zoopla joins Marc von Grundherr, Director at Benham and Reeves to unpack the possibilities that now exist for those looking to buy or let a property in the UK.
This was an optimistic budget and key takeaways were:

- Due to low supply of new homes, London’s sales market has lagged since 2016 and has become better value now

- Relaxed visa rules to attract new talent has seen more professionals coming to the Capital for work and more than 600,000 students came to the UK in 2022, the highest ever, with over 60% studying in London

- Since borders re-opened, renters returned to inner London to resume their jobs where rents had decreased in 2020/2021 but now rents have surpassed predictions due to huge demand

- Flats in London now delivering more value than houses outside of London as UK house prices increased faster during the Pandemic

- Affordability now a key driver in where to buy for first time buyers and rental investors should look at the possibilities of the second-hand new homes market (properties less than 10 years old) where historical rental success likely to give best yields and lowest voids.

Overall, there is a lot of positivity for the future and stability of the property market and of course, we remain on hand for anyone looking to buy in London or to let their property out to a good professional tenant.

And for free advice on selling, letting, management, mortgages or tax, we can help with that too, do please get in touch.