The housing market has proved resilient in the face of the Covid-related disruption and buyer demand has been sustained at a high level since May 2020. Prices have also risen, reaching 4.7% growth across the UK in the year to September, the highest rate since October 2017.
London has experienced the same trends but with a notable divergence between the mainstream market and the higher value locations. Annual price growth across Greater London is around 4%, whereas prime London prices have fallen by 2%-4%.
Although the hangover from Covid-19 will be felt throughout 2021 and beyond, and despite the continuing Brexit uncertainties, the outlook for 2021 is positive.