London’s prime central property market is set to grow 21.5 per cent over the next five years, according to real estate consultant Savills, which upgraded its outlook for the sector to reflect pent-up demand from wealthy overseas buyers.
Savills said it’s more positive forecast came on the back of the extended stamp duty holiday, as well as better availability of mortgage finance and the effect of repeated lockdowns on what affluent buyers want from their homes.
However, the sector is also expected to receive an uplift from overseas buyers after the government eased travel restrictions for international visitors from certain countries earlier this month, including the UAE, which was moved from the red list to the amber.
Alex Christian, director, Savills Private Office, said the recovery of the prime London market was hit by the delayed easing of travel restrictions, but there are already “green shoots of recovery”.
“Since quarantine restrictions were dropped for fully vaccinated travellers from Europe and the US earlier this month, we have already seen a flurry of activity from overseas clients, particularly from families who are keen to enter the prime London market before the new school term starts in September,” Mr Christian said.
“Now that the requirement for hotel quarantine has also been dropped for residents of the UAE and Qatar, many of our contacts have also started to get in touch regarding plans to visit the UK later this month and into September, as they seek to take advantage of the historical value on offer in the Capital. This should have a relatively profound effect on the prime market in the coming months.”
High quality, "turn-key' homes, and ‘lock up and leave" flats are in highest demand from prime overseas buyers, Mr Christian said, however, a lack of stock on the market continues to act as constraint.
“As such, the opportunity to take advantage of lower prices – and strong forecasted growth – will not be around for long," he said.
The company expects prime housing market across the whole country to grow 9 per cent this year, up from an earlier forecast of 5 per cent, while the five-year forecast has been boosted to 25.1 per cent from 20.5 per cent, led by London’s suburbs, up 26 per cent, and the wider south, up 25.7 per cent, which have hugely benefited from buyers relocating from more central locations.
“Some sellers operating in the prime market have been relatively reluctant to bring their properties to the market over the past year, in part due to the concerns around the risks that Covid-19 presents, but also because of the lack of available properties for them to buy. With fewer properties available to meet demand, prices have increased more rapidly than previously predicted," said Frances Clacy, a research analyst at Savills.
“But, as lockdown restrictions have been lifted and the vaccine rollout continues at pace, more stock is likely to come to the market. As such, a readjustment in buyer and seller expectations will be crucial to maintain the current market momentum.”
Britain’s property market surged 8.5 per cent last year after Chancellor of the Exchequer Rishi Sunak unveiled a stamp duty holiday in July last year to bolster the market.
A desire for more space and a new life outside cities also inspired many to relocate as the work-from-home trend took off and people become frustrated by being stuck in smaller properties during a series of UK lockdowns.
The number of Londoners buying homes outside the UK capital soared to a record high in the first half of this year, according to a recent Hamptons report, as the pandemic encouraged residents to quit city life and buy elsewhere in Britain.
However, UK house price growth cooled in July to 7.6 per cent, growing at its slowest rate since March in a signal that the tapering of the stamp duty holiday is taking momentum out of a red-hot property market.
While prime central London values have increased over the past year for the first time since late 2014, they only grew by a marginal 0.5 per cent.
However, prices are expected to escalate more significantly in the second half of this year, ending 2021 3 per cent up followed by a strong bounce of 8 per cent in 2022 due to the easing travel restrictions
Prime central London flats market, in particular, have lagged as it tends to be more dominated by those from overseas and those seeking a pied-à-terre for use mid-week.
Meanwhile, outside of London, country houses and coastal locations in the £2m-plus category have seen substantial surges in demand but constrained supply and this has led to annual price growth of 12.9 per cent and 14.6 per cent respectively.
Looking ahead, Ms Clacy said values are set to continue rising but price growth will soften amid rising interest rates and higher taxes, particularly for overseas buyers.
“Both may reduce buyers’ spending power, which will limit price growth in the medium to long term,” she said.
BOSH!'s pantry essentials
Nutritional yeast
This is Firth's pick and an ingredient he says, "gives you an instant cheesy flavour". He advises making your own cream cheese with it or simply using it to whip up a mac and cheese or wholesome lasagne. It's available in organic and specialist grocery stores across the UAE.
Seeds
"We've got a big jar of mixed seeds in our kitchen," Theasby explains. "That's what you use to make a bolognese or pie or salad: just grab a handful of seeds and sprinkle them over the top. It's a really good way to make sure you're getting your omegas."
Umami flavours
"I could say soya sauce, but I'll say all umami-makers and have them in the same batch," says Firth. He suggests having items such as Marmite, balsamic vinegar and other general, dark, umami-tasting products in your cupboard "to make your bolognese a little bit more 'umptious'".
Onions and garlic
"If you've got them, you can cook basically anything from that base," says Theasby. "These ingredients are so prevalent in every world cuisine and if you've got them in your cupboard, then you know you've got the foundation of a really nice meal."
Your grain of choice
Whether rice, quinoa, pasta or buckwheat, Firth advises always having a stock of your favourite grains in the cupboard. "That you, you have an instant meal and all you have to do is just chuck a bit of veg in."
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Law%2041.9.4%20of%20men%E2%80%99s%20T20I%20playing%20conditions
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The%20specs
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Match info
Who: India v Afghanistan
What: One-off Test match, Bengaluru
When: June 14 to 18
TV: OSN Sports Cricket HD, 8am starts
Online: OSN Play (subscribers only)
THE BIO
Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.
Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.
Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.
Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
The five pillars of Islam
More from Neighbourhood Watch:
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Overview
What: The Arab Women’s Sports Tournament is a biennial multisport event exclusively for Arab women athletes.
When: From Sunday, February 2, to Wednesday, February 12.
Where: At 13 different centres across Sharjah.
Disciplines: Athletics, archery, basketball, fencing, Karate, table tennis, shooting (rifle and pistol), show jumping and volleyball.
Participating countries: Algeria, Bahrain, Comoros, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Saudi Arabia, Sudan, Syria, Tunisia, Qatar and UAE.
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Zombieland: Double Tap
Director: Ruben Fleischer
Stars: Woody Harrelson, Jesse Eisenberg, Emma Stone
Four out of five stars
What is the FNC?
The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.