Increasing Demand for Premium International Property
It has been a nail biting few months for the British people with the general election and the start of a new political phase. Twinned with the World Cup, 2010 has already proved to be a dramatic year. With both of these events behind us (albeit in the voting, scoring manner) and several areas of the UK property market returning to the peak levels of 2006/2007 there has also been a recent uplift in buyer demand within international property market as well as the London property market.
More specifically, it is the second consecutive month there has been a notable step up in the amount of buyers searching for international property. Hamptons International has recorded an increase in the number of enquiries that they have received and feel that there has been a positive attitude change over the second quarter.
This new confidence should have an impact on the international property market as a whole. However there is still the issue of the weak pound and thus should be a priority for the new coalition government to address with pace as it obviously has a significant effect for both British investors and the end users purchasing property overseas. It affects what they can afford and also can breed uncertainty for investors. This will ensure that British buyers and investors will have an equal footing in the international market when it comes to property for rent.
It must be noted that some International projects are progressing very well and newly completed stock is proving popular. This is because by their very essence they offer less risk and more security for buyers. As previously stated, Hamptons International has also seen a rise in prospective buyers for top end stock within the international market. Some of their prestigious projects include beautiful homes in the Western Cape of the Republic of South Africa. These obviously were in high demand during World Cup Fever, with prices starting at around £100,000 for homes in a marina in the False Bay area.
So is the international property market back on track? Well, all the indicators certainly point towards recovery but it depends on the strength of Sterling and how quickly the new government can act. However, the fact that buyers are once again searching for new property, especially at the premium end of the market shows that confidence is returning from the top down.
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There have been a lot of different articles regarding the state of the property market of late and many have agreed that the market is beginning to improve. Many areas of UK are still struggling to see some inflation on property prices however, which affects the national average.