Overseas Buyers To Enter UK Housing Market
More overseas buyers and tenants are poised to enter the United Kingdom housing market following the disruption caused by the coronavirus pandemic, new figures from Knight Frank suggest. According to Property Industry Eye, the agency said its web traffic data showed that 24 per cent of users looking at sales and lettings properties in August were based abroad, the highest figure since January 2020. Knight Frank reports that the return of overseas corporate tenants and overseas students getting ready for the academic year has fueled demand. Knight Frank’s Head of UK Residential Research, Tom Bill, said, “International demand is undoubtedly building as the feeling grows that the worst of the pandemic is behind us.” Despite growing international demand, uncertainty over the relaxation of travel rules means the precise timing of the return is uncertain. In the lettings market, some overseas students have arrived in the UK ahead of the academic year while others are waiting for more clarity around face-to-face learning, meaning tenant demand should be more evenly spread throughout the year than normal. The Head of Lettings at Knight Frank, Gary Hall, said, “In some London branches, we have more than 80 per cent of rental applicants searching for properties who are not based in the UK. The tide was turning as there were more enquiries from overseas buyers who were keen to come over.”
Tags : INTERNATIONAL buyers UK housing market Enter Overseas