Nick Churton of Intracoastal Realty’s London office reviews a topsy turvy year in UK real estate and looks forward with confidence to the demand for international property returning with renewed strength.
In the UK, 2020 started with a bang. Brexit had passed an enormous hurdle and the property market responded quickly – but by the end of March, nothing. We were shielding, or in lockdown as we call it. The market ground to a socially distanced trickle. But by July we had no time to worry about all that because we had the surprise of our working lives. Just as they did in many other countries, thousands upon thousands of people were fleeing the major metropolitan areas. They sought a quieter, healthier life in peaceful places with room to breathe, where the countryside or coast was beautiful and smaller towns and cities were welcoming.
Suddenly real estate agents had never been busier, and there didn’t seem to be enough hours in the day. It has been an astonishing summer and autumn market.
Despite the ongoing challenges, our outstanding medical scientists and British National Health Service personnel have put us well on the road to Covid recovery, and we can look forward to a bright and optimistic New Year. Even the Brexit trade talks should have come to one resolution or another. We believe that the UK real estate market, and especially the Central London luxury market will remain active through next year with values continuing to rise.
But what does this mean for the international buyer itching to spread their wings but left only eyeing up properties on the internet? As in our experience with the domestic market, I believe that a huge pent-up demand has been growing. When the Covid thunderclouds have passed and buyers are able to travel again with impunity, then international buyers will once again be shopping for overseas homes.
We are looking ahead to an exciting and very active 2021 in real estate.
Nick Churton and Annette Reeve, Mayfair International Realty representatives, run Intracoastal Realty’s London Office and are frequent visitors to the Greater Wilmington area.