Flying high - international property buyers back on the radar
Fri 22 Oct 2021
Paul Bennett, Director
What does Farnborough – a small town in Hampshire – have to do with the fortunes of the prime London property market? A great deal, actually. The Evening Standard recently reported that air traffic coming in and out Farnborough Airport – one of the most exclusive private aviation centres close to London – was up 62% in September 2021 when compared to the same month in 2020.
The newspaper made a link between more fluid international air travel and a global audience for London’s property market. As well as private jets landing more freely, Emirates has reopened its lounge at Heathrow – another positive sign that London will once again be buzzing with business travellers and high-net worth individuals.
At Behr & Butchoff, we are processing buying and renting enquiries from around the world, and it is great to be making plans to physically show properties to visitors who are jetting in once again.
While times may have changed due to Covid, what hasn’t altered are the reasons why overseas buyers choose London. For many, the return to air travel means they are planning to visit Europe’s best cities on a regular basis. A second home in the capital not only gives them a more Covid-secure and comfortable place to stay, it provides a useful investment that can yield short-term gains if let out when empty, and appreciate in value over time.
Our team is also back handling enquiries from international families with university-aged children. Many parents want the reassurance that their London-bound children are staying in safe and secure accommodation. In order to guarantee standards, they’d rather buy a smart apartment for their offspring over risking the unspecified nature of halls accommodation or an unquantified house share.
Behr & Butchoff is also seeing a return to the relocation of professionals, with companies back in a position to send staff to London offices or even grant employees the grandest flexible working pattern of all - allowing them to work in a completely different continent.
“There is certainly a renewed buzz in London,” comments Behr & Butchoff’s Director, Paul Bennett. “You know when Park Lane’s hotel lobbies start filling up and more super cars are on the streets that the international fraternity is back in town.”
“We’re preparing for an equilibrium shift, especially as air travel becomes de rigueur once again. The number of property buyers is growing and the current level of housing stock may not be able to keep up with demand. Those thinking of selling couldn’t have picked a better time to come to market,” adds Paul. “International purchasers are set to pile in, creating competition and helping lift Central London property values.”
If you haven’t had your property valued for some time and would like to know what it could sell for in today’s favourable market, please contact our sales team. Our appraisals are free and carry no obligation, so get in touch – even if you’re just curious.