Prime global cities indices from Knight Frank and Savills reveal how Covid-19 has affected international property markets.
“The Covid crisis has pushed the property market into a hard reset,” says Jonathan Hopper of Garrington Property Finders. “New commuter hotspots will emerge, where quality of life and broadband speed are as important as the speed of the commute.”
Any increase in demand for country living over urban location is likely “to be a one-off factor rather than a long-term ‘seismic shift’ in consumer attitudes,” says Zoopla. The average UK house price increased by 2.7% in the year to June 2020, according to the portal’s index.
UBS has surveyed a few thousand wealthy investors around the globe to identify a series of emerging trends, including strong intentions to move either closer to family or to less populated areas.
Revised five-year forecasts suggest more muted price inflation in Prime Central London, following the Covid-19 crisis.
Sales activity has “rallied noticeably” since May, report surveyors. But, before the Stamp Duty holiday was intrigued yesterday, the RICS noted “there are worrying signs that this rebound may quickly run out of steam.”
Fine & Country and Dataloft have analysed what’s happening at the top of the property market, number-crunching movements in the top 5% of sales.
Over 10% of the world’s billionaires have donated something towards the fight against Covid-19 so far, according to some research by Wealth-X.
“Active engagement” with property listings has jumped to exceed pre-lockdown levels by some 20%, reports Zoopla – but more than four in ten would-be buyers say they have put moving plans on hold…
Dollar millionaires now control nearly a third of the world’s total private wealth, reports Wealth-X, after “a decade, and more, of plenty” – a period that has been ended by the pandemic.
RICS’ measure of new residential property instructions fell to its lowest level on record in April (since at least April 1999). Prices are likely to take nearly a year to recover from the Covid-19 crisis, say surveyors…
Poor communication caused most complaints about property agents in 2019.