When looking for estate agents Marylebone buyers and sellers often look for an agent with that all important insider’s knowledge. Good advice is always important, but especially so in a seller’s market with the associated skyrocketing prices, the Covid 19 situation and ongoing concerns over Brexit.
Marylebone Is a Seller’s Market
The average property price in London as a whole is around £621,331 although in the central and desirable Marylebone area, the average price is closer to £1,453,832. In fact, the area has seen an increase of about 134 percent over the average price of homes in the rest of London. However, any good estate agent in the Marylebone area will advise you to buy even at these higher prices.
High prices recently in the Marylebone property market have left many buyers worried that the inevitable drop in property values must follow. Buyers typically benefit from a seller’s market, as it means that properties generally keep their value. Sellers are advised to be as flexible as possible and try to settle the sale as soon as possible.
Caution Advised for Buyers
An estimated 50 percent of first time buyers are very worried about falling prices, and extreme caution is recommended. Over the last year, the cost of a home in Marylebone increased by almost 16 percent, and of course the ongoing Covid crisis means many people aren’t as well off.
Buying now could lead to a reduction in property prices, as there have been fewer overseas investments. However, in the long term, prices are expected to increase, and the trend of buying in the suburbs rather than in central London should mean fewer worries for buyers.
Marylebone Rental Prices
While the average London rental cost is £559 per week, renters in Marylebone are paying an average weekly rent of around £755, about 35 percent higher. Many people feel safer from Covid in the less crowded suburbs, and that is helping to push up rental prices in the suburbs.
London has had a harder time than other parts of the UK recovering from the effects of the Coronavirus. It’s meant that prices have dropped in the capital, while rising in other parts of England.
The fear of passing up a great opportunity has been replaced by worry over paying too much for a flat or house. Despite this seemingly temporary downturn in the London housing market, if you ask estate agents Marylebone is still a sensible neighbourhood in which to buy a property. An extended increase in prices, along with the fact that Marylebone is a sought after location should boost the confidence of potential buyers.
The long term outlook should be positive as long as the inspection doesn’t reveal any major problems. Jeremy James is the leading estate agent in the Marylebone area and can help with all your buying and selling needs, as well as answering your property related questions and concerns. For more information, visit https://jeremy-james.co.uk/.