The activity in the London property market is continuing apace. The first quarter of this year has indeed been a torrid time for investors and developers alike, as the people try to complete transactions with the various limitations under current UK government guidelines. Naturally, the sector was left reeling.
However, in the backdrop of the gradual easing of guidelines and a return to allowing buyers to view homes, it’s getting easier to complete transactions. Estate agents have been finding ingenious ways to allow prospective buyers to view homes with the use of modern computer technology.
During the height of the pandemic, the buying and selling of properties were an obvious challenge considering the need for social distancing. Unfortunately, building sites were forced to shut and property viewings in person were banned outright. Mortgage lenders also got nervous as the economic climate became unclear.
As soon as construction workers were allowed to return to the building sites, technology paved the way to make viewings possible or the so called “virtual viewings”. Estate agents and investment companies like ONE Investments can conduct meetings remotely where necessary.
Of course, with property investment comes the issue of the investor attempting to fund their property investment. Mortgage lenders were not so keen during the full pandemic crisis but more lending products are now becoming more readily available. The mortgage process itself has been streamlined with digital technology with online valuations becoming more the new norm.
Investing in UK property, particularly in London, is a lucrative way to start or maintain an
property investment portfolio. For instance, there are more risks in investing in the stock market, thus making property a safe haven for investment certainly when having a long term perspective.
July was a record month for house sales according to Rightmove. Last year saw £25bn sales while this year, many more have decided to uproot spending £37bn in the process.
However, average asking prices in London are being adjusted downwards by around 2%.
The Chancellor, Rishi Sunak, of the current UK government also cut stamp duty to encourage people onto the property ladder. Therefore, easing of lockdown and the stamp duty cut has helped boost the market. The stamp duty holiday applies to property sales on the first £500,000 of property sales across England and Northern Ireland. No stamp duty will be paid on primary residential property sold for less than £500,000. This short term measure is excellent for investors and importantly, those who are first time buyers.
Our consultants are ready to assist in answering any of your questions. Contact the ONE Investments team using our enquiry number (+44 (0) 203 911 5892 or +1 (646) 908 2628 or use our contact form here.