London's once-booming property market is facing a sharp downturn, while Belfast in Northern Ireland is witnessing an unexpected surge in demand, according to the latest insights from Zoopla CEO Charlie Bryant.
London's Decline
Once the crown jewel of the UK property market, London has seen a significant drop in buyer interest and prices. High living costs, economic uncertainty, and shifting work patterns post-pandemic have contributed to the decline.
"London is no longer the undisputed leader in the UK property market," Bryant stated. "Affordability remains a major issue, and many buyers are looking elsewhere."
Belfast's Boom
In contrast, Belfast is experiencing a property renaissance. Affordable prices, strong local investment, and a growing tech sector have made the city a hotspot for buyers and investors alike.
Key factors driving Belfast's growth:
- Lower average property prices compared to London
- Increased remote working opportunities
- Government incentives for first-time buyers
What’s Next for the UK Property Market?
Bryant predicts that regional cities like Belfast, Manchester, and Birmingham will continue to attract buyers priced out of London. Meanwhile, the capital may need to adapt to changing demand patterns to regain its appeal.
"The market is evolving, and flexibility will be key for both buyers and sellers," he added.
