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Arabian Property Awards

Covid Traffic Light System Creating Pent-Up Demand for UK Property in the Middle East

According to Knight Frank Middle East, the travel limitations created by the traffic light system which has all GCC countries either on the amber or red list has resulted in many Middle Eastern buyers putting property investment decisions on hold. The company noted that on line viewings are very popular but when it comes to personal property purchases, most people prefer to conduct physical viewings. Knight Frank and other industry specialists have commented that the ending of the stamp duty holiday will not make much difference to demand from the region, particularly in London where the savings are insignificant in relation to the cost of homes.

Posted by: Kelvin Tayfield, Sat, Jun 19th 2021

Arabian Property Awards

UK House Prices Likely to Keep Rising Despite Reaching Record High

One of Britain’s biggest mortgage lenders, Halifax revealed that house prices increased 9.5% year on year in May, the fastest rate of growth in seven years. This confirms survey results from a Nationwide survey that found a 10.9% year on year growth. Halifax commented that June will be a very big month as stakeholders rush to conclude transactions before the stamp duty holiday ends. The lender believes the market will continue to thrive as the lockdown eases, confidence in the economy returns and we enter the traditionally busy summer period. They commented further that many buyers have been able to accumulate savings as a result of the lockdown and will be looking to invest further in real estate.

Posted by: Kelvin Tayfield, Sat, Jun 12th 2021

Arabian Property Awards

Foreign Buyers Taking Advantage of Mortgage Options for UK Property Investment

Mortgage brokers, banks and real estate agents are reporting a surge in interest in UK property from both foreigners and UK expats. Skipton International, a specialist offshore mortgage bank reported a tripling in mortgage completions from Hong Kong buy-to-let investors whilst enquiries from EU countries were up 34% in Q1 this year. A leading London mortgage broker reported a 137% increase in applications in April with £500k being the ‘sweet spot’ for buyers. The broker noted that they expect sustained interest as lockdown restrictions ease and the vaccine roll out continues.

Posted by: Kelvin Tayfield, Sat, Jun 5th 2021

Arabian Property Awards

UK Property market Set for Busiest Year Since 2007

New data from leading estate agent Zoopla show that 2021 will be busier than the previous peak in 2007. The company expects 1.5 million transactions this year, up 45% on 2020 which was a curtailed year but they commented that transactions rarely reach 1.2 million per year. The value of homes sold is expected to reach £461m, up 46% on 2020 and a massive 68% up on 2019 figures. Whilst demand is at such a high, Zoopla go on to mention that total homes for sale are down 20.8% year on year which will continue to underpin the robust prices that sellers are achieving.

Posted by: Kelvin Tayfield, Sat, May 29th 2021

Arabian Property Awards

UK City Center Property Staging a Comeback

Whilst the UK property market boom continues led until now by larger properties outside of the City Centers, we are now seeing people return to the high streets as lockdown measures ease. Many workers are returning to offices at least for a few days a week resulting in an increase in demand for City Center apartments according to survey results revealed by Rightmove this week. Leading on-line estate Purplebricks is finding that apartments with access to gardens are in high demand which is being satisfied by new build developments in and around City Centers which usually have both podium and ground floor gardens.

Posted by: Kelvin Tayfield, Sat, May 22nd 2021