Is it goodbye to the city centre?

There are some interesting statistics to come out regarding city centre living as a result of the pandemic that may change our behaviours going forward.

In London 416,000 people have either moved out of the capital or intend to in the next 12 months.

In New York 300,000 people have left the city to go to other states.

This has hit London hard and properties for sale in the city are taking 34 days longer to sell than average (reported in the Times on 5th February) and supply of housing is increasing when supply of housing outside London is decreasing.

This will certainly lead to a lowering if London property prices whilst the rises we’ve seen elsewhere in the country are likely to continue as seasonally normal. In the long term I suspect prices will climb back in London as the benefits (financially, culturally and socially) still exist but in the meantime prices will be low.

Could be a good time to think about buying?

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