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Arabian Property Awards

UK Sellers Not Reducing Prices

According to a recent survey by online agent, Strike despite 45% of buyers asking for discounts, most sellers are not willing to reduce prices. A quarter of those surveyed said they would accept a reduction of 5-10% whilst 29% said they would not accept a lower offer.

These findings are not surprising given the surge in demand post lockdown aided by the stamp duty holiday announced in July. Reports from leading property portal Rightmove and others have shown dramatic year on year increases in transactions across the UK. Somewhat surprisingly sales in the prime market were up 100% year on year in July and August according to Savills which underlines the robust nature of the UK property market in general.

Posted by: Kelvin Tayfield, Sun, Sep 20th 2020

Arabian Property Awards

Five Reasons to Invest in UK Property Now

1. Stamp Duty Holiday
Savings of up to £15,000 can be achieved if closing prior to 31 March 2021. In addition, a further 2% will be saved by international investors due to the introduction of a surcharge on 1 April 2021

2. Supply/Demand Gap
Supply of new homes continues to lag demand by more than one million, a gap that will not be filled for many years despite best effort

3. Transparent Market
The UK was ranked the most transparent market in the world in JLL’s 2020 Global Real Estate Transparency Index

4. Exchange Rate
Sterling continues to offer good value for foreign buyers having depreciated by close to 20% against the Dollar and Euro over the last five years

5. Positive House Price Predictions
Savills predicts that house prices will grow 15% on average by 2024 with regional cities and towns set to exceed this

Posted by: Kelvin Tayfield, Sat, Sep 12th 2020

Arabian Property Awards

UK House Prices Hit Record High

According to Nationwide Building Society, August saw the highest house price rise for sixteen years with pent-up demand, a shift in buying preferences, low interest rates and the stamp duty holiday all playing a role. Average prices rose 2% from July whilst year on year price growth reached 3.7% despite the recession and uncertainty over Brexit. Estate agents are seeing demand for coastal and country properties increasing the most as buyers and tenants are happy to commute from areas where they have a better quality of life.

Posted by: Kelvin Tayfield, Sun, Sep 6th 2020

Arabian Property Awards

Surge in Chinese Buyers of UK Property

Due to the introduction of severe security measures by the Chinese government, the UK government has offered some 3 million British National Overseas passport holders a path to UK citizenship. These people will be allowed to live, work and study in the UK for five years after which they can apply for citizenship. Estate agents are seeing demand from Hong Kong across the board from cheaper units right up to very high-end properties. A number of developers are planning launches in Hong Kong while some developers in London have seen up to 150% increases in enquiries from Hong Kong recently.

Posted by: Kelvin Tayfield, Sun, Aug 30th 2020

Arabian Property Awards

Work from Home Continues to Benefit Commuter Towns

A recent survey conducted by UK flexible office company, Spacemade showed that 61% of respondents would prefer a 2-3day work from home arrangement while 93% would prefer to work at least one day per week at home. The company stated that the prevailing trend has been dramatically accelerated by the Covid lockdown as companies saw that working from home can be productive while staff saw improved quality of life. A win-win for these stakeholders as well as commuter towns that offer quality of life and quick connection times! In particular new developments that offer functional designs, efficient energy, good internet connections and on-site facilities are attracting buyers.

Posted by: Kelvin Tayfield, Sat, Aug 22nd 2020