UK Has Pent-Up Property Demand
The coronavirus pandemic may have stalled real estate transactions across London, but buyers haven’t disappeared; they’re just waiting in the wings, according to a report from Knight Frank.
As of May 5, potential buyers registered with Knight Frank in London were prepared to spend a total of £52 billion (US$64.2 billion), a 20% increase from the £43.5 billion registered buyers were collectively prepared to spend on the same day in 2019, the estate agency and property consultant said.
The U.K.’s property market had been enjoying a prosperous start to the year following Boris Johnson’s re-election in December, and property prices nationwide increased 3.7% annually in April, according to a report last week. However the economic impact of the coronavirus has yet to be fully seen, the bank said.