Why PCL is a great place to be in the new normal

As we head into the normal quiet time of August for the domestic market, and await the return of the International market, we can reflect on the very strange year we’ve had to date and what’s in store for the prime property market in the foreseeable future. Mind you, if we’ve learnt anything over the last six months, it’s that actually, not everything can be foreseen! But what does the “foreseeable” future mean for the PCL property market?

Firstly, there is most definitely still a market. As soon as the restrictions relaxed, we were exceptionally busy with both new instructions and viewings - which was very heartening, particularly as it coincided with the summer, when the market traditionally quietens down.

Virtual walk throughs and 3D viewing technology have been absolutely key, for both domestic and international buyers and aren’t we glad we invested in a 360º Camera and Matterport software! With lesser flexibility in terms of travel and a big international market out there, this is going to continue to be a vital part of property marketing from hereon in.

The lockdown has given us all the opportunity to reassess our lives and how we wish to live, with a focus on reprioritising our home, family and work-life balance with a particular view to how and where we live and what makes working from home possible. Because that, in reality, will be a big part of our future and working from big offices in the City may well be a thing of the past.

What does the the new normal mean for the PCL market?

Well, while many people think that a migration from the city to the suburbs or country may be the most likely scenario, actually, most areas of Prime Central London offer the perfect location for working from home, because being in the centre of it all has definite advantages…

Lifestyle & Entertainment - There is no compromise on life and lifestyle in London: going out, entertaining or making the most of all the shopping, fun and culture that London has to offer is absolutely no problem and everything is right on your doorstep. And if you’re looking for green spaces and places to exercise, then PCL has them in spades.

Gardens, parks and outdoor space - Most houses and large apartments in PCL have gardens, patios or roof terraces, and if they don’t, the likelihood is they do have access to a communal garden or one of London’s garden squares or famed parks for fresh air, recreation and enjoyment.

Infrastructure & convenience - Everything and everywhere is convenient. With transport and connections both within and out of London (and to the airports), PCL really is the best of both worlds, with or without a car.

Communications - One of the many benefits in living in an urban area is the communications network. While in the country you may be searching for bars on the your mobile phone or a decent WIFI signal, in London, you have pretty much 100% coverage by all networks and a Superfast Broadband courtesy of fibre optic cable. All very important for the new norm of working from home…

So what will buyers be after?

Flexible living space has become a priority for various reasons - a family living and working together at home needs room to work and live in harmony.
Ancillary accommodation will be in great demand, particularly for families with young children who need entertaining during working hours. A separate floor, annex or suite for an au pair, nanny or grandparent will be very desirable; as will a similar separated accommodation if you have teenagers who are into music and/or gaming!
Bathrooms and utility rooms! For all this washing of hands and a focus on personal hygiene, we need sinks…and lots of them!
Outdoor Space will continue to be must-have, no matter what type (garden, patio, balcony or communal garden), we need somewhere to escape to in between Zoom meetings and an outdoor office when it’s sunny!
Home office. Whether this is a small desk nook or a large fully kitted out home office, working from home is going to be a thing of the future and needs dedicated space. The kitchen table won’t cut it any more!
Internet, the faster the better! Superfast broadband and a good set up for communications will be a key selling point in any home, because with all the family in one space, using the internet for all different reasons, connectivity and download speed is going to have to be good!

It’s been a very strange year for sure, but with for every down there is always an up, for every ying, there is a yang…The world will recover and so will the market, but with lessons learned and new priorities. We’ll just all all be living and working in a slightly different, cleaner way!