2020; the year property in Luton was set to boom!
Back in February, our forecasting guru (Rightmove) showed us how property prices in the area surged by a whopping 12% since the previous year. This led us to believe this was going to be our best year yet – Luton was to be put on the map.
Unfortunately, Covid-19 arrived on our doorsteps… and we all know how that went down.
The whole country was placed into lockdown and forced to remain in their houses. This meant, not only were the Ultimate Connexions doors forced to shut, millions of other businesses across the country were to shut up shop too. A worldwide pandemic – what were we going to do?
Not only was I anxiety ridden whilst out for my weekly grocery shop (sporting my latex gloves and surgical facemask as if the task at hand was of extreme measures), but the thought of how my business was to survive such a disaster was beyond me.
10 whole weeks we shut for. Each week felt longer than the previous and the uncertainty of our future grew stronger by the day.
How were we to ever survive this?
Well, how wrong was I!
Since opening back up a few weeks ago, we have seen a huge boom in new property sales and entries to the market. We have seen our commercial enquiries go through the roof, all stemming from a variety of businesses, offices, salons and personal trainers – to only name a few.
People are excited it seems. Finally, we’re coming out of lockdown.
Perhaps people are sick of their houses… I know I am. But whatever it is, the community in Luton are on the move and are seeking their next venture.
I think entrepreneurial spirit and optimistic property ventures are coming from a good few months wondering how we can improve our daily lives. People have finally invested time into what they want.
It’s great, buyers are enquiring into both old and new buildings also, hoping to turn them into a range of different businesses. Boxing clubs, florists and even a cosmetic surgery are some of our latest businesses setting up shop in the town.
Luton’s Highstreet will be revitalised. Coming out of lockdown people have great visions and we love being a part of it.
Prices, however, haven’t dropped in Luton, as originally suggested in May. It was predicted there was to be an average price fall of 1.7% across the country. But thankfully we have been working with buyers that are happy to offer close to the asking prices, if not the full advertised price, this has made a real difference to our success.
We have been bringing more and more new properties to the market, all with so much potential. Just this week on Rightmove we had an additional 155 new listings.
It is without a doubt that Luton has become an extremely popular area over the last few years. Now offering fast trains to London for commuters, easy access to the motorway and the airport is busier than ever. Luckily for us, this brings in more professional buyers and investors to the town – something that really get the market thriving.
I personally don’t believe that the market in Luton will suffer as a result of Covid-19. Properties in this area are working out a lot cheaper than the neighbouring towns such as St Albans and Hemel Hempstead, so I believe that it’s only going to continue to grow and boom in the current climate.