The UK property market remains strong in the face of challengesOverseas Property | 9 Oct 2020
Early this year, British publication Homes & Property News published a positive report in the wake of the general election, predicting that property prices would rise, especially for Greater London and the expensive areas of London.
Economists and real estate experts reckon that the election results will help eliminate uncertainties that have plagued the UK property market since the EU referendum four years ago. Insiders believe that threats of a recession are subsiding as witnessed by the overwhelming number of enquiries recently. Developers also note an increase in the numbers of inquiries and transactions on new projects compared to last year. Meanwhile, experts foresee significant increase in transaction in areas like Lewisham, Barnet, Islington Haringey and Richmond..
Aside from increased sales, the leasing market has also performed strongly. Despite the epidemic lockdown, the rise of VR and online property viewing has injected a new vitality in the market. The shortage of local homes has also resulted in rising prices and rentals.
To boost the economy, the UK government has announced new measures to help locals buy homes, measures which also benefit overseas investors. There is, therefore, an added impetus for investors or potential owner-occupiers to enter the market.
In addition to the traditionally sought-after financial districts, residential areas on the periphery of the city center, such as Barnet and Richmond, are also favored by a group of potential users as these communities feature their own business districts, desirable school network, excellent security and a pleasant living environment. However, their supplies are relatively limited, and experts predict that prices will continue to rise in the future.3
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