Experts expressed confidence in the UK property market post-Covid lockdown at Axiom Stone Solicitors’ recent Virtual Real Estate Lunch event.
Hosted by Axiom Stone’s Chairman Jonathan Metliss, the topic of the event was “The UK Real Estate industry and COVID-19: Green Shoots of Recovery. Yes or No?”
Alex Brummer, Daily Mail City Editor, saw an all-round improving economic picture since mid-summer. Unemployment figures were better than expected and Britain was on course for the strongest recovery in Europe in 2021 – up by 7.6%. Defying the pessimistic forecasts, there was evidence of a buoyant housebuilding market and more sales along with the start of a return of workers to urban office space.
Vahideh Hojatoleslami, from Axiom Stone’s Commercial and Residential Real Estate team, stated that the firm’s residential department received a higher number of new instructions over the past few months than pre-lockdown. Contributory factors were the popularity of suburban properties, more overseas buyers, stamp duty changes and planning reforms encouraging homeowners and developers.
Mira Arezina reported that the firm’s Property Litigation team was advising on the implications of the emergency measures in terms of rent arrears and leases. More good news for landlords and tenants was that the Business Interruption Insurance court ruling was likely to bring pay-outs.
Rima Sengupta, Senior Associate, stated that the second quarter had seen improved lending activity aided by the stamp duty holiday and Help to Buy scheme. The firm’s recently launched India Desk had seen growing interest from clients in the sub-continent. The firm was also joining more and more bank lender panels and pitching for new business.
With the furlough scheme winding down the firm was busy advising employers and employees about their position with a range of legal issues likely to arise, including redundancies.
Axiom Stone is also advising firms on workplace COVID compliance, such as, risk assessment, proper communications, social distancing and track and trace.
The firm’s China Desk reported big demand from Hong Kong clients planning to move to Britain following the political tensions there and the UK government’s resettlement offer. The China Desk was advising them on buying property, business start-ups, buy-to-let investments and immigration visas.
Other optimistic developments which were pointed were the upcoming Business Rates Review and the fact that, with a steady flow of overseas investors, Brexit and any delayed EU trade deal was not likely to affect the real estate market.
Will Clough, of Allsop auctioneers said that they had conducted £245m worth of business between January and September – only 15% down on the same period last year. Pragnesh Modhwadia, the company’s Managing Partner delivered a vote of thanks.
The next Axiom Stone Virtual Real Estate Lunch is scheduled for Wednesday, 11 November, 2020 (unless public gatherings are then permitted).
