Chandos Street, London

The Savills Blog

Ready steady go, go, go: London’s primed to bounce back

Over much of the last year some of our favourite London restaurants have been busy recreating amazing menus and delivering to our doorsteps. Not a takeaway but the real meal deal: the restaurant brought to the heart of the home. Of course we still need to lay the table, reheat, plate up and pour our own wine but, nevertheless, in lockdown it has been a welcome new addition to the London food scene. 

Now, as we inch towards the thresholds of our much-loved restaurants, I am only too aware that I won’t be the only one looking for a table for four, in the corner, at 8pm on a Thursday. If the past lockdowns are anything to go by, it’s probably going to be a Monday night at 6pm in three months' time.

London is ready for a blistering return.

I’m not just talking about eating out or rediscovering the theatre and cinemas. The housing market also looks set fair for a prolonged resurgence having had five years of uncertainty over elections, referendums, stamp duty reforms, trade deals and the pandemic. Our forecasts expect prime central London prices to start rising in the second half of 2021 and end the year with 3 per cent gains, followed by a strong 7 per cent bounce in 2022.

As a Londoner, I think the city has adapted really well. Obviously Covid-19 has been a tragedy and all our thanks should go to the NHS, key workers and volunteers, but it's reassuring that village life in London has become the new normal. Everything feels much more local and friendly; I’ve even met the neighbours.

We have all heard about the migration to the countryside, to second, or maybe now first homes, but I have an inkling that once London starts to return to its vibrant best, those who left may find it hard to stay away and we could well see a race back to town. 

And while home working looks likely to continue in some form, I suspect there is a real longing to be back in the buzz of the office. This might play havoc with daily routines, but our productivity will be enhanced through this newly balanced work-life structure.

When the capital has faced adversity before it has bounced back better and now never has its status as a world city been more important. All I can say is, get ready or you will lose out on that 8pm Thursday night table at your favourite restaurant – and maybe even that perfect property.

 

 

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