London House Prices Cheapest In Eight Years After COVID Migration

London House Prices Cheapest In Eight Years After COVID Migration
Andrew Rummer

almost 3 years ago1 min

Brits fleeing London in search of more space to ride out the coronavirus pandemic have driven house prices in the capital to the lowest level in eight years relative to those in the north of the country.  

While asking prices for homes in northwest England and the region of Yorkshire & The Humber have climbed by more than 10% since the pandemic hit the UK early last year, they’re almost unchanged in London, according to a report on Monday from property comparison site Rightmove.

That makes a house in the capital 2.9 times more expensive than one in the north, down from more than 3.5 times in 2016.

If trends reverse as lockdown measures ease, those looking to move to London from elsewhere in Britain – or snap up property as an investment – might be able to grab a (relative) bargain. After all, UK offices are already close to half full again as life slowly returns to normal.

Chart of UK office occupancy
Source: Metrikus


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