1️⃣ The end of 2020 proved that it’s useful to arrange tax holidays from time to time. The number of residential property transactions in Q4 2020 is 17% higher than in 2019 and 26% higher than the average number of transactions in the same period during the past 10 years!
2️⃣ The buyers’ preferences have also changed: the demand for country houses with gardens and flats with spacious terraces continues to increase. That is related both to the need of a more spacious property due to remote work and the desire of the buyers to see green spaces in their apartments.
3️⃣ Private rents in London are still falling. The average asking rent is Central London is down by 12.4% on a year ago. The rental prices trend follows the demand – the tenants prefer to stay in the suburbs, which has led to more vacant properties on the market and price decline as a result.
4️⃣ Finally, in the prime residential market positive changes were observed as well.Agreed sales of property worth £1 million or more across London increased by 15% in 2020 compared with 2019. Therefore, we advise the clients who are willing to buy a property in this price segment to use both tax and price factors to their advantage and look for their dream properties with our help!