UK Property Market Update Q1 2021
Covid-19, no match for the UK property market. House prices hit a RECORD HIGH in March.
London super-luxury property market had outperformed many of its traditional rivals throughout 2020. Rivals such as New York and Hong Kong, as it reached the highest number of sales for super-luxury homes for any city in the world during 2020. According to an upmarket estate agency group 201 ‘’super-prime’’ homes collectively worth over $3.7bn were bought in London last year whilst Hong Kong was in second place with 169.
Transactions in London also INCREASED in 2020 whilst rivals Hong Kong and New York suffered a fall of 27% and 48% respectively.
The 5 years prior to 2020 were very tough for the London property market and data now confirms a reset in the market leading to Londons property market being ahead of the world. The old age saying; what goes up must come down has proven in this situation what comes down is bouncing even higher!
The CEO of Chestertons a leading London agency has commented that ‘’to date, it has been the most active market we have seen since 2006’’. London has gotten off to a tremendously strong start this year and we have had records set last month. Finding a suitable home after lockdown is now a top priority
Investors these days are increasingly savvy and aware and follow schools of thoughts such as Warren Buffet and his famous quote to be ‘’fearful when others are greedy, and greedy when others are fearful.” This is a perfect analogy for the market now as its a fantastic buyers’ market which won’t last too long. Potential for growth is now at its highest with prices still low and negotiations happening. This is all the more reason why market activity has skyrocketed. At Ayana Properties we have had our busiest quarter since the launch of our company. The UK market remains one of the most attractive markets to invest in across the globe.
To further fuel the market a new government-backed mortgage scheme has been introduced, to help first time buyers purchase a property with only 5% deposit.