UK Property Market Is Looking Pretty Good
UK Property Market’s showing far more resilience the second lockdown. We’ve got the vaccine coming soon so just hang in there and stay responsible.
Video Transcription:
A lot of people saying oh second lockdown is going to be even worse than the first. And then people are saying it was going to be through Christmas and all this. I don’t think it will be you know I don’t think it would be no I’ve thought no it’ll be that and then Christmas will open back up. Will they extend it for an extra two weeks or something maybe but I think over Christmas look I think the reality is it’s the UK if anyone says you can’t go and see your family over Christmas there’ll be these two fingers getting put up to a lot of politicians and police and all that sort of stuff.
In some ways save the hassle you know, have a good Christmas and you know but just be responsible and wear masks and I think that’s probably the message they should be saying is hey we’re going to open back up but be responsible. We’ve got the vaccine coming so you know just hold out for a little bit longer and be responsible and I think if they do that that’s likely to work really well you know so let’s see how we go.
UK house prices soared to a record high you know this just keeps going up. It says you know a three bedroom semi they’re a quarter of a million for the first time you know. This is you know the reality the UK property market I thought that in the end of September you know into October things would start to slow down November, December, January slow down February starts to get a bit momentum up again. But you know we’ve gone all the way through into November and November’s kept going and yes things you know what things have slowed down a little bit it’s not the feverish pitch that it was so you know it is slowing down.
It’s you know with the furlough extension and with I mean lots of people talking about the stamp duty extension I don’t think it will and the reason I don’t think it is it will and actually I shouldn’t say that. I think potentially they will change the way it’s done. Right now it’s everybody gets stamp duty holiday I think what they’ll do is they’ll say International Investors need to pay this you know whereas locals get this you know so I think they’ll put in a few measures like that but it depends what happens over the next sort of four months you know five months until we get into that sort of spring bounce.
It’s hard to find you know negative news negative things I mean yeah there’s negative spin on everything you know all these articles I’ve got negative spin on. The reality is that’s more because it wants to get headlines than actually being the reality from my perspective. Things are you know they’re looking pretty good and I think you know it’s a good way to do it.
The other side of it is this if you look at UK Property Market Real House Prices 100 in 2015 is the base in other words everyone started 100 in 2015. If you look at China you know 30% growth yeah UK 10% which actually is below the OECD average, Italy is all the way down the bottom. It’s quite amazing when you think about what’s happening there you know it’s not like we’ve got runaway prices, now yes there’s lots of that happening but you know at the end of the day we haven’t had that much capital growth. We’ve had austerity laid with Brexit and now coronavirus.
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