Estate Agents Marylebone Offer Insights for Renters, Buyers and Sellers

It’s difficult to invest without sound advice, given the Covid-19 crisis, financial concerns about Brexit, and extraordinary rises in property prices in a sellers’ market. Marylebone, a suburb of London, is in the centre of things, and investors, property owners and even renters increasingly seek ‘inside’ advice to guide their decisions.

It’s a Sellers’ Market in Marylebone

It’s defintely a sellers’ market in Marylebone, and most estate agents Marylebone urge their clients to buy at the recently inflated price. Prices have risen 134% above the average price of comparable London real estate, which translates to an average price of £1,453,832 compared to a London price average of £621,331. [1]

Sellers’ market are generally seen as beneficial to buyers who want to be sure that their properties maintain their value. However, the recent astronomical prices have many buyers concerned that an inevitable period of adjustment will follow with rapidly plummeting prices. As a seller, it might be best to remain flexible to settle the sale quickly.

Buyer Concerns Recommend Caution

Buyers need to exercise extreme caution because of the uncertainties previously mentioned. About half of first-home buyers have shown extreme worries that prices will inevitably fall. Some just can’t swing the inflated prices, especially for a first home. The price of Maylebone homes increased 15.94% over the past year, and many people are suffering financial difficulties given the enforced Covid-19-related closings.

Overseas investments have definitely taken a downturn, so buyers have to consider that buying now could result in falling prices. Long-term buyers can worry less because the general trend favoring the suburbs over the urban uncertainties of London proper wil continue, and eventually, prices should rise to compensate for any temporary losses in value. 

Rental Prices in Marylebone

Rental prices in Marylebone continue to rise to an average of £755 per week, which is 35.1% above London’s price of £559 per week. Covid-19 worries contribute greatly to the rise in value of suburban properties where people feel safer than an urban centre like London.

For more than a year, prices have risen in England while sliding in London. London, known for huge crowds, tourists and cramped spaces faces a tough time recovering from the coronavirus, at least in the minds of home buyers and investors.

General Recommendations

Fear of paying too much for a home has definitely replaced the fear of missing out on a great opportunity in Marylebone markets. If you can afford it, buying property in Marylebone is probably a sound investment despite a possible temporary downturn if London prices recover. In the extended forecast, the desirability of the location and extended rise in prices offer a degree of stability.

You should focus your attention on the details of inspections for any property purchase. If the house and property are sound, the long-term outlook is favourable. For a more specific analysis of your needs, contact Jeremy James at Marylebone Estate Agents at https://jeremy-james.co.uk/.

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