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Oliver Gibson, Director of Residential Development & Investment at JLL, shares his outlook for the Prime Central London Property market in 2021 and why London remains one of the world’s most desirable cities to invest and live.
Can you give us an update on the PCL property market, what’s the outlook for 2021?
Activity in the market is likely to remain low-key until mid-2021 whilst we navigate government guidelines during the pandemic. However, we are predicting a significant uplift in transactions and prices in the second half of 2021 as we return to normality.
We already know that there is pent up demand in the system, illustrated by the number of enquiries we have received for No.1 Palace Street and The Broadway. With a return to market growth predicted from 2022, coupled with low interest rates and global inflation in the medium term, 2021 will likely prove to be an exceptional opportunity to invest in the prime central London market.
How have buyers reacted to the news of a vaccine?
The vaccine roll out programme in the UK is well underway, so thankfully, we can expect an easing of travel restrictions in the near future. Potential purchasers who have expressed serious interest in particular apartments have relied on the use of CGIs, video tours and virtual viewings. We look forward to carrying out physical viewings as soon as possible
With international travel on hold until at least the spring, are you still seeing interest from buyers overseas?
Enquiries from overseas have been strong in recent months. This can be attributed to purchasers taking stock of their living arrangements and investments, deciding to push ahead with a London property purchase.
Which buyer nationalities are most prominent in PCL at the current time?
There is a wide range as usual, but we continue to see a strong interest from the US, Europe and Asia, notably Hong Kong and China, while also experiencing a resurgence of serious enquiries from the Middle East.
What have been the biggest changes in terms of what people are looking for from their home today compared to this time last year?
Covid has naturally brought about a change in purchaser requirements, with a new focus on outside space and generous living spaces which cater for working from home, both of which No.1 Palace Street and The Broadway offer.
How do you think the pandemic will shape how we live going forward?
Health & wellbeing and high levels of service have been a priority for some years and are now even more important.
Out of necessity, technology has played a huge role in the marketing and selling of properties in 2020; which innovations & methods do you foresee having a lasting impact beyond the pandemic?
Virtual viewings, video tours and immersive technology which illustrate the views from windows in properties are all here to stay. They are incredibly efficient tools, helping potential purchasers build their shortlists of properties in advance of making physical inspections.Back to Journal