The Qatar Islamic Bank UK (QIB UK) has announced that London’s real estate sector is slowly recovering as its prime residential markets are showing signs of bouncing back from all the damage caused due to the Covid-19 pandemic, according to media reports.
Going by the data released by data consultancy LonRes, the number of Prime Central London (PCL) transactions that happened in March 2021 is said to be the highest since 2016 as there was a spike in activity when a three percent stamp duty surcharge was introduced.
UK-based real estate agency Knight Frank also mentioned that the real estate market in the UK found back its pace after the country lifted its lockdown and the Covid-19 vaccine reached more people. QIB UK also mentioned that one of the primary reasons why the properties in Prime Central London and Prime Outer London markets didn’t feel the wrath of the pandemic is because it was relatively successful while fighting the Covid-19 pandemic. The present numbers surely prove that.
Overall, it looks like an early lockdown measure has definitely piqued the interest of people to own homes that come with good access to open areas such as parks, beaches, and the countryside. At present, the market is also witnessing increased demand in East London as prospects of returning to work improves. Going by what real estate agents have to say, there is an increased demand specifically in locations close to employment hubs in the capital city, like Docklands and Midtown, along with outer London locations like Clerkenwell, Shoreditch, and Victoria Park.