Why freezing house prices and shrinking population might not be a bad thing for Londoners

(Daniel Hambury / @ stellapicsltd)

Having written for over a year on Lower rents in central London, I decided to take my own advice and go to zone 1.

Before the pandemic this would have been well outside my price range but, with London hollowed out, the apartments are strongly discounted.

Good for me! But is my short-term luck actually a harbinger of long-term disaster for a city struggling not only with the aftermath of a pandemic, but also with the downturn in Brexit?

As Ruth Bloomfield reported last week, the capital’s population is expected to drop by 300,000 this year.

The once-soaring rise in house prices has stagnated relative to the rest of the UK and anecdotally, class sizes in primary schools have shrunk by a fifth.

We still have to know if this is a long-term trend or if these London lightweights will storm the M25 ahead of the 2022 release, but, even if they don’t, those from between us who depend on the success of the city may not need to. to worry.

Most experts agree that housing costs have spiraled out of control. Many factors indicate house price growth becomes slow and steady and companies maintaining a base in London.

If we’re willing to combine that with quieter streets, less crowded schools, and the occasional seat on public transport, maybe now is the time to thank our former neighbors.

Don’t make it sound too good lest they come back.

Read more

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About Robert Valdivia

Robert Valdivia

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