That Knight Frank in shining armour estimates that London property buyers could spend as much as £52 billion once lockdown measures are lifted. This is great news for them, as with the commission on that number they can almost afford a one bedroom apartment in Wandsworth. Apparently international buyers are flocking to Prime Central London Property ('PCL') brandishing wallets and completing high-profile purchases. A report by Knight Frank recently concluded that PCL property topped the list as the best performing asset over the last 30 years and the corks are popping ahead of a new spike; this one by enquiries from international property buyers.
If any young person with a deposit in their bank accounts and a keen eye on news reports is out there we don't want to burst their bubble of enthusiasm as they plan for a post-Covid property price fall, but the clever money is predicting that the property market in many areas of the UK could come back stronger and better, making that prefab shed in their parents' garden still the most likely long-term investment option.
However, if the most recent pandemic has taught us anything it is that the world and its foibles are very unpredictable. The much-vaunted 'new-normal' may well mean a depression in the housing market, but the very recent daily record growth of new properties on Right Move do not seem to bear that out.