Will London lead the housing market recovery post-virus?

UK house prices rose in March before the coronavirus lockdown brought the housing market to a standstill.

The average UK house price increased 2.1 per cent in the year to March, up from two per cent in February, data out showed today.

Lucy Pendleton, property expert at estate agents James Pendleton, said: “Enquiry levels are off the chart at the moment and we are gradually bringing back more staff. Those who have already returned from being furloughed have been using words like ‘frantic’, which is a great sign.

“Only time will tell how we can convert those enquiries and how that translates into all-important prices for vendors.”

“It’s significant that London was clearly powering ahead in March as the pandemic tightened its grip, with annual growth higher than at any point in the past three years,” Pendleton added.

“That tells you all you need to know about how prices should weather this storm, particularly in the capital which tends to inform what happens elsewhere in the country, albeit with a bit of a lag.”