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Vaccine roll-out boosts overseas demand for prime property

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  • 26/02/2021
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Vaccine roll-out boosts overseas demand for prime property
Overseas demand for properties priced at £10m or more is building as the UK’s vaccine roll-out programme boosts confidence in the country’s safety, according to analysis by Knight Frank.

The number of new buyers who have registered their interest in properties in the £10m-plus price bracket has risen by 109 per cent in the year to January compared to the previous 12-month period, marking the highest rise in more than a decade.

Foreign buyers have accounted for around three-quarters of sales in this price range in recent years, said the estate agent.

But property viewings have plummeted by 36 per cent as international travel restrictions stop investors visiting the UK.

Last year, the total number of £10m-plus deals in London was 93 compared to 99 in 2019, but the figure is expected to rise as further transactions made in 2020 complete. The total amount spent fell 12 per cent from £1.85bn in 2019 to £1.62bn last year.

The success of the UK’s vaccine roll-out has driven up the value of the pound, which Knight Frank said was also a consideration for international buyers.

Tom Bill, head of UK residential research at Knight Frank, said: “For international buyers, there is a huge disparity between the desire to buy and the ability to view.

“Many have positioned themselves to act quickly once rules are relaxed and the anecdotal evidence is growing that the success of the UK’s vaccine roll-out is an important consideration for people looking to work, study and live in the UK across all price brackets.”

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