Since restrictions were lifted on the housing market in May, we’ve seen enquiry levels from buyers jump to above pre-Covid 19 levels. Currently, we’re receiving 7.5% more enquiries than in February. Well known property portals have also been reporting strong demand with Zoopla, for example, also reporting dramatic increases in enquiries in May, both for letting and sales.
Of course, this is still a challenging time for the property industry and when the housing market was frozen in March there was a 70% drop in enquiries from buyers. But on the plus side this means that 30% of buyers’ enquiries held up. So while demand dropped, it did not dry up entirely, and we saw a number of transactions completing even during that difficult time – albeit with any viewings done remotely. We believe this is because the crisis was not caused by any fundamental weakness in the economy and that buyers continue to place their trust in property as a safe haven during a crisis.
New enquiries, valuations and instructions all increasing
As the housing market continues to settle down, new instructions, valuations and enquiries from potential buyers are increasing. We have been keeping in touch with clients throughout the crisis either by phone, Zoom or Whatsapp and the number of virtual viewings we’ve been doing has shot up.
Of course, during the crisis, some buyers’ circumstances have changed. Some pulled out of transactions but many of these have come back to us now that things are settling down and they are now completing those transactions. Most properties that did fall through at the beginning have now sold again to a new buyer.
There is still caution amongst investors of course. The possibility of job losses and a second spike of the virus remain. But throughout the lockdown buyers have continued to research new opportunities, with many seeing this as a good time to buy London property at a competitive price.
Investors have been able to secure good discounts from developers while owner occupiers are taking advantage of interest rates which are at an all time low.
We’re seeing a mix of overseas and domestic buyers. In particular, we’ve noticed a massive increase in interest from investors from Hong Kong and India recently.
One of the most ambitious new developments launching towards the end of 2020 is Southall Waterside, a huge area of regeneration in the London Borough of Ealing. It covers 88 acres, adjoins 90 acres of country park and is half a mile from Southall overground railway station from where you can get into Paddington in just 14 minutes. With its canalside location and many shops, restaurants and entertainment venues it is set to be a real game changer for homes in the local area. Studios start at £297,500.
Webinar launching Southall Waterside
We are holding a webinar on 15th and 16th July for Singapore and Malaysia based investors, launching Southall Waterside in conjunction with the developer Berkeley Homes. If you’re interested in this exciting new development, sign up to our webinars here. It takes place just before the official launch of the scheme later in July so it’s a good opportunity to find out more before you meet our team at your local exhibitions.
We have more webinars for investors in other areas planned for August so if you’d like to find out more about the latest deals, again sign up here.
Investment news at our webinars
Our regular webinars continue to attract a lot of interest. On average, we’ve had nearly 900 investors registered for each one. In particular, the Question and Answer sessions have been met with much enthusiasm, giving clients the opportunity to receive direct answers to their queries at a time when we are unable to make our usual trips to visit overseas clients.
It’s been great for us to talk to you and keep in touch until we can see you again face to face.
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