London is by far the most populated area in England. Greater Manchester has a population of over 2.5 million. Greater London has over 9 million!
According to Rightmove, it currently takes, on average, 58 days for somebody to accept an offer on a property from the moment it was first marketed in London. This stat is alarming in comparison with Scotland, where the average time is only 24 days.
So why is the most populated area in the UK benefitting from the housing boom the least?
Well, simply, slow growth isn’t a problem – it’s a sign of stability.
Most of the country is still suffering from a lockdown-infused supply problem. The number of houses being listed on the market compared to the level of demand is more even the closer you get to London.
The combination of the growing number of people being priced out of properties in central London areas and those upsizing to suburbs because of the pandemic is simultaneously driving demand down.
How else has the pandemic impacted the housing market? Click here to find out.