Impact of London’s falling property prices on the domestic cleaning industry
It has been reported that the prices of house in London are falling. The prices in central London are 15% below compared to their peak of three years ago. The average price for the house has been falling since May 2018. This is said to be the biggest fall since 2009. The reason why the housing market is struggling is because of Brexit. Brexit is short for “British Exit.” It’s the decision of the United Kingdom to leave the European Union. Since Brexit is still uncertain, people are putting on hold their property purchases until they can be sure of the economic status of London. Although prices are falling, the city remains to be the most expensive place to buy a house at an average price of £467,000. Some residents have left while others want to rent, not buy. Another factor that affected this issue was the government made changes on tax homeowners are paying. It was increased for those buying houses. Recently, people who are buying a second home find the stamp duty (tax) more burdensome.
There are hundreds of cleaning companies in London and has approximately a market of seven billion pounds (£7 billion). The competition in this industry is severe. There are many outstanding cleaning companies to choose from, and there are also cleaning services that are not great. Most residents in London hire someone to help them cleanse their house. More and more people are paying someone to do the cleaning job they need. London is known to be a city which is most time-poor. The reason why many Londoners hire cleaning services is for them to have more time doing the thing they rarely do like socializing. They don’t have the time to do clean while others don’t simply want to do a stressful job. That is why they prefer to outsource the task. They also find cleaning companies in London are good at delivering excellent service for the right price.
According to the survey, there are more people under the age of 35 have a cleaner home compare to older people. These young Londoners prefer hiring help from domestic cleaners north London because they find cleaning to be a boring job. And they have more exciting things to do. Many London residents admit they stress about the cleanliness of their home. They sometimes find the pressure to keep up. Having a clean house is not only pleasing to the eyes, but it also has physical and mental health benefits. A home with more clutter means more stress. While a clean house helps you breathe better and is very helpful to those people with allergies. A tidy house enhances your mood and makes you more comfortable. It also prevents future illnesses because dirt and dust are eliminated.
Because of the inflation brought by properties prices falling in London, the value of GBP is dropping. This would result in a higher level of unemployment, leading to less demand for cleaning services. If there is inflation, it is expected that prices will go higher, making it harder for cleaning companies to source the necessary cleaning materials and equipment to operate the business. If this is the case, the cost of cleaning services will also become expensive. The devaluation will likely affect the cleaning industry as well as other industries. However, it’s too early to tell; we can only hope for the best. But one thing is for sure; it is now a challenge in London’s economy. Falling prices of houses are bad news for the economy. If this will continue, prices of other factors might be affected, that will lead to an increase in prices for the average consumers that includes the cost of cleaning services.