Investing without the benefit of sound advice is incredibly difficult to do, especially given the current COVID-19 pandemic, BREXIT-related financial concerns, and significant rises in the price of property during a sellers’ market. Marylebone, a popular suburb in central London is at the centre of things, and property owners, investors, and even tenants are increasing searching for “inside advice” to inform their decisions.
It Is Now a Seller’s Market in Marylebone
Marylebone is definitely in a seller’s market, and most of the estate agents Marylebone locals have access to are urging their clients to buy at the newly inflated prices. Prices have skyrocketed 134 percent over the average cost of comparable real estate in London for an average price of Â£1,453,832 versus the London price average of just Â£621,331.
In general, sellers’ markets are seen as being beneficial to buyers who are eager to see their investments retain their value. However, the astronomical prices of recent times still have many buyers worried that an inevitable adjustment period will follow and prices will rapidly plummet. As a seller, it is important to remain flexible so that transactions can come to a quick close.
Buyer Concerns Encourage a Cautious Approach
Buyers should exercise caution given the uncertainties mentioned above. Nearly half of first-time home buyers have exhibited extreme concern that prices will drop at some point in time. Many aren’t able to afford homes at the currently inflated prices, especially for their very first homes. There was a 15.94 percent increase in the price of Marylebone homes within just the past year. Moreover, many people are experiencing financial hardship as the result of enforced closures due to COVID-19.
There has also been a definite downturn in overseas investments, so buyers have to think about the fact that purchasing now could result in a price drop. Long-term buyers have less to fear due to the general trend of preferring suburbs of the uncertainties of London proper, and eventually, prices will likely rise to make up for short-term value losses.
Marylebone Rental Prices
Rental prices in Marylebone are rising at a weekly average of Â£755, which is 35.1 percent more than the Â£559 weekly average in London. The rising values of suburban properties can be attributed to COVID-19 worries given that people often feel safer in suburban regions than in urban centres like London.
For over a year, prices have gone up in England while dropping in London. Known for its massive crows, cramped spaces, and tourists, London is having a hard time recovering from COVID-19, at least in the minds of property investors and home buyers.
General Recommendations for Investors, Buyers, and Renters
Fear of paying for more than what’s reasonable has replaced the fear of missing out on amazing buying opportunities within the Marylebone real estate market. If you’re able to afford it, purchasing a Marylebone property can still be a sound investment despite a potentially short-term downturn should London prices recover. In the long-range forecast, the appeal of this location and a prolonged rise in prices will offer some measure of stability.
It is important focus on inspection details for all property purchases. If the property and house are sound, the long-term outlook is likely a favourable one. For a more in-depth analysis of your needs and goals, visit https://jeremy-james.co.uk/ to connect with Jeremy James at Marylebone Estate Agents.