London's Blitz Spirit
Sun 09 Aug 2015
Another day, another Tube strike, and another shining example of Londons aversion to failure.
Last week, the millions of Londoners who depend on the Tube to get around our fair city had to find alternative means to travel to work. Boris Bikes were out in force, and everywhere I went there were pelotons of cyclists at traffic lights and in the cycle lanes. Apart from anything, it was a day that showed just how important cycling is to Londoners, a trend we are noticing in the property market.
As always, Marsh & Parsons weathered the storm well, with our people making huge efforts to get to work, using all different non-Tube methods of transportation including buses, trains, bikes and even scooters, not to mention the lengthy distances that many walked. Our sales and lettings teams picked people up wherever possible, and our customers made huge efforts to get to the properties they wanted to see by any means possible.
It was a day that perfectly embodied London our strength, resilience, and the British tendency to just get on with things. In recent years, London has been tested (not least of all in the property market), however we have come out the other side, and things are looking up.
In our recent London Property Monitor for Q2 2015, we reported that Prime London house prices have climbed 12.1% since June 2013. Growth has been even faster in Outer Prime property, with values rising 13.9% over the last two years. In Q2 2015 specifically, Prime London saw an average growth of 0.8%. In Prime Central London, growth was 0.6%, while in Outer Prime London, growth was 1%. Investors continue to show confidence in the Prime London market, accounting for 28% of all sales in Q2, the greatest share of all purchases, and Prime Central London remains one of the most sought-after destinations for investing capital, offering strong and solid returns on property.
But I digress. My point is, it will take a lot to ever really slow London down. Its probably an overused expression, but last week was, in some small way, evidence of our famous Blitz Spirit, something I think we should be proud of. London is an amazing place, full of versatile and creative people and it will take more than 24 hours of hassle to put a stop to that.