As the UK property market continues to rebound from Brexit and the first national Covid-19 lockdown, London’s prime real estate shows no signs of slowing down. Wealthy Brits are seeking outdoor space and modern turnkey properties, while the world’s super-rich are snapping up homes via Zoom and Whatsapp.
The past year has certainly been interesting, but the surprising conclusion as 2020 draws to a close is just how adaptable London’s top-end property market has been to the new normal.
Prices in prime central London have in fact held firm throughout the year, with pockets of buoyancy and some record sales. It has been billed as the ‘Boris Bounce’, with the super-rich deciding that 2020 was the year to snap up luxury homes in London.
In July, contracts were exchanged on 76 Park Street, one of Mayfair’s oldest townhouses. The four-storey Georgian property had been rented out since 2018, after the owner failed to find a buyer. It was relisted just as the housing market reopened in May, with agent Wetherell, and purchased for £4.85m.
“Prime Central London is a very healthy market at the moment. We have been in a long, slow decline over the past five years, with Stamp Duty increases and most of all Brexit. The market is now looking like comparatively good value.
The housing market completely froze during the first lockdown. It reopened in May and simply carried on where it left off. Since the first lockdown ended, we have witnessed an upward trend again. This is still going strong six months later, so it is more than just a release of pent-up demand.
The pandemic has, of course, had an impact. British buyers, on the hunt for traditional family homes with gardens, are in the driving seat, while international buyers are being forced to make multi-million-pound investments from thousands of miles away, viewing properties over Zoom and liaising with agents via phone and WhatsApp.
And while predictions are hard in an unpredictable world, it is very, very, dependent on a vaccine and the huge pent-up demand from international buyers, who have not really been able to travel to the UK since March.
*Content Courtesy of Luxury London*