Following Brexit, it may seem a little absurd to start predicting what the property market may look like in 2019. However, there are some solid forecasts that are almost guaranteed as we move forward after Britain leaves the EU in March. So, straight from the property expert’s mouth, here are 8 trends that will define the London property market in 2019:
Back To Vintage
Though we’ve seen incredible developments in technology that are starting to shape the way we build our homes, it seems there is still a market for good old-fashioned properties. Whenever buying an older property, it’s advised that solicitors are used to ensure that there are no underlying issues with the building. This could be anything from mould to structural damage. Traditional British beams and thatched roofs aren’t a dying breed just yet.
Demand For London Property
It’s been reported that property sold in London worth over £10m has tripled after the announcement of Brexit. This is astonishing considering the economic uncertainty that comes with it. Whether it’s central London or one of the popular commuter outskirt areas, it appears that for the super-rich, there is still a desire to snap up London homes.
The scepticism surrounding Brexit will undoubtedly spark a delay in recovery for the country, including the normal London housing market. It’s predicted that there will be lull before picking back up for 2021, with a predicted growth of over 12.4% in the next five years. This is a bold statement, so time till tell if it comes into fruition.
Skyscrapers Lead The Way
Across many up and coming cities in the UK, the landscape has become saturated with skyscrapers. In 2019, there are no signs of stopping. Property management with the help of corporate solicitors has seen a huge increase in interest. Manchester is one of the main areas billed for more high-rise buildings, alongside Liverpool and Nottingham. There’s even a new London building in the pipeline, the Landmark Pinnacle E14, which would become the tallest residential building in Europe.
We’ve all been hearing about the impact artificial intelligence has had on businesses across the world. This is no different for the property market, where there could be a rise in virtual reality tours. This essentially means that anyone interested in a property could view the whole house – without even needing to be there. A huge step in the right direction for the real estate industry.
Rise in Outbuildings
Whether it’s an annex for an elderly relative or a separate building for a university graduate returning home, outbuildings won’t be going anywhere in 2019. Many outbuildings may even be vacant for the majority of the time, only being let out for a tidy income every so often through home let sites like Airbnb.
Kind to the Planet
Homes are frequently being built with more of an emphasis on the environment. This means that the design of both family homes and commercial buildings is geared towards eco-friendly elements. From renewable electricity to environmentally friendly designs, homes are becoming kinder to the planet.