Qatar Islamic Bank-UK has said London’s real estate sector is on recovery path with prime residential markets exhibiting signs of successfully being able to cope with most of the Covid-19-related disruptions, supported by the stamp duty holiday in place since summer 2020.
According to data consultancy LonRes, the number of Prime Central London (PCL) transactions that took place in March 2021 is considered the highest since 2016, due to a spike in activity when the 3% stamp duty surcharge was introduced then.
Knight Frank real estate agency also said the UK property market sprang into life in March 2021 as the country began to unlock and the Covid-19 vaccine reached more people.
QIB-UK said the resilience of the Prime Central London and Prime Outer London (POL) markets is not just the result of the relative success of the fight against Covid, it is now clear that the markets did, indeed, enter the second quarter or Q2 with the benefit of a protective buffer of unsatisfied demand, as many had predicted it would.
“This buffer is expected to persist, if the latest reports from real estate agents describing clients’ eagerness to purchase, once international travel restrictions are relaxed, prove to be reliable,” it said.
Overall, early lockdown enthusiasm for large family homes with good access to open areas such as parks, beaches and countryside, remains in demand. The market is also witnessing demand in East London as the prospect of return-to-work improves.
According to real estate agents, there is an increased demand specifically in locations close to employment hubs in the capital city, like Docklands and Midtown, and specific SE/S outer London locations, such as Clerkenwell, Shoreditch, and Victoria Park.
“These locations also have the advantage of shorter average home-to-office commute times, providing a better alternative for those who are keen on avoiding lengthy exposures in public places during any future potential virus breakouts or pandemics,” QIB-UK said.
QIB’s real estate specialists recommend that clients speak with their UK legal advisers if they have any cladding related questions. Purchasers should also be aware that cladding due diligence requirements may delay the purchase process slightly.
Credit: Source link
