London’s real estate sector on the road to recovery: QIB-UK
Qatar Islamic Bank-UK said London’s real estate sector is on the road to recovery, with major residential markets showing signs of ability to successfully cope with most Covid-19-related disruptions, supported by the leave stamp duties 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 during the introduction of the stamp duty surcharge of 3%.
Estate agency Knight Frank also said the UK property market came to 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 only a result of the relative success in the fight against Covid, it is now clear that the markets have indeed entered the second quarter. or T2 with the benefit of a protective buffer against unmet demand, as many predicted.
“This buffer should persist, if the latest reports from realtors describing the readiness of customers to buy, once international travel restrictions have been relaxed, prove to be reliable,” he said.
Overall, the early foreclosure enthusiasm for large family homes with good access to open spaces such as parks, beaches and countryside remains in demand. The market is also seeing demand in east London as the outlook for a return to work improves.
According to estate agents, there is increased demand specifically in locations close to the capital’s employment hubs, such as Docklands and Midtown, and in specific SE / S locations outside London, such as Clerkenwell, Shoreditch and Victoria Park.
“These locations also have the benefit of shorter average home-to-office commute times, providing a better alternative for those who wish to avoid long exposures in public places during future virus outbreaks or potential pandemics,” said QIB- UK.
QIB property specialists recommend clients to speak to their UK legal advisers if they have any questions regarding the coating. Buyers should also be aware that coating due diligence requirements may slightly delay the buying process.