English Housing Market Showing More Resilience Than Expected

According to property portal Rightmove, thousands of transactions have been concluded since lockdown with buyers paying close to asking prices. The company also reported that 40,000 new sales have been concluded since the market re-opened, providing comfort to sellers who were concerned about the impact of the Corona virus. On average, buyers are paying 97.7% of asking prices which are up 1.9% compared to March 2020 levels. Furthermore, estate agents have reported a 40% increase in enquiries compared to pre-lockdown levels as we move into the spring buying season.

Posted by: Kelvin Tayfield, Sun, Jun 21st 2020

UK Mortgage Providers Offering Competitive Packages

As the UK housing market slowly returns to normal banks are active again, catching up on physical valuations and looking to attract new business with higher loan-to-value ratios and competitive rates. Mortgage rates for foreign buy to let landlords have fallen significantly since the start of the year and 5-year fixed rates are now around 3.25%, prompting some investors to take up equity release offers and invest in additional properties.

Downtown International works closely with select UK mortgage brokers who can negotiate attractive deals and simplify the process for our clients.

Posted by: Kelvin Tayfield, Sat, Jun 13th 2020

UK Property Rental Supply Is Lagging Demand

Property portal, Rightmove saw searches for rental properties increase 22% compared to 2019 and almost back to their pre-corona levels. On the other hand, available rental properties are 4% below their 2019 levels having fallen 64% below in April. Given this supply demand imbalance, landlords are in a favorable position in terms of rental values and ability to choose the best tenants. The most searched areas include the West Midlands which is home to Birmingham, one of the fastest growing UK cities with new developments proving popular with investors.

Posted by: Kelvin Tayfield, Sat, Jun 6th 2020

UK Commuter Towns and Cities Attracting Most Interest

Whilst Rightmove, the UK property portal saw a record of 6 million searches on May 27, it noted that the biggest interest was for properties in coastal and northern areas. This suggests that UK residents are planning to work more from home and would therefore be prepared to accept a longer commute in exchange for bigger properties, recreation facilities and proximity to extended family. In line with this, UK estate agents are finding that house hunters are asking for facilities such as gardens, communal facilities and good internet connectivity. This plays into the hands of developers with new builds offering these facilities as well as well designed, functional units for those expecting to work from home.

Posted by: Kelvin Tayfield, Sat, May 30th 2020

Hong Kong Dollars Expected To Pour Into The UK

A new wave from Hong Kong is expected as China increases its clamp down on the former British territory, resulting in a probable new wave of protests. Chinese buyers have dominated foreign purchases in the UK over the last few years and were the first to return to international property markets when their economy reopened post Corona.

Chinese investors have been active at all levels of UK property investment from apartments for children studying there to high end Central London apartments. Preference is for new builds and all major developers have a presence or alliances targeting these investors.

Posted by: Kelvin Tayfield, Sat, May 23rd 2020