Since the pandemic Prime markets have been hit hard, and we’re still seeing that trend roughly one year on from Covid-19 sweeping across the world.
There have been price falls in London’s most prestigious areas, while across the pond it’s similar in Toronto, Canada, as well as major US cities like New York and San Francisco.
When you can’t enjoy what these cities have to offer, and with remote working becoming more common, it’s harder to justify buying a small amount of space for top dollar in the centre of one of the world’s most iconic cities.
If there is one positive to be found from this pandemic at least it’s re-geared demand towards smaller and more affordable towns and cities.
In the UK, where London has been so dominant for so long, this seems like a good thing.
Owing to the year we’ve had nobody’s in any doubt that having green space is really important for boosting mental wellbeing.
Meanwhile – though it depends on the person – some workers have proven they can work productively on a remote basis, so we could see it become more common even once we’re over the pandemic.
As for those who have chosen to stick around in major cities, falling demand means they can potentially get a good deal, whether as a renter or a homebuyer.
While the pandemic is likely to have been a shock for owners of some of the highest value properties, for the rest of us – amidst all the negativity – it has brought some positives.
Ryan Bembridge, Editor, PropertyWire
