The international buyer stage is set, once again
The appeal of international travel has waned in the wake of the pandemic. Nipping between countries for work or pleasure used to involve little more than remembering your passport. Travel is now a highly planned exercise involving different exit and entry requirements, quarantining and tests – but what does 2022 hold?
Glimmers of hope, however, are starting to emerge, with travel restrictions lifting in line with talk of Covid soon entering an endemic phase. Getting back into the UK has already been made easier, January 2022 saw the scrapping of pre-departure tests for fully vaccinated travellers and those under 18. Additionally, fully vaccinated travellers no longer need to self-isolate on arrival in the UK and the day 2 PCR has been replaced by the requirement to take a simple lateral flow test instead.
In property, there has been a direct correlation between the number of homes bought and rented by overseas internationals and harsh travel restrictions. In September 2021, the agent Hamptons reported that the share of homes in prime central London bought by foreign nationals fell to 27% in the first half of 2021. Historically – and for context – international buyers have made up around 50% of all purchases in London’s most expensive neighbourhoods during the last decade.
Like many agents, Hamptons expects international buyer numbers to rise as global travel opens up further. The trend started to emerge pre-Omicron, when agent Knight Frank reported that ‘opportunism’ was behind a growing number of purchases. It said foreign nationals were seeking deals before prices returned to – and perhaps surpassed – pre-pandemic levels. It also said that city flats were making a comeback, after months when the focus was firmly on family homes in the countryside.
Historically, our shores have provided fantastic opportunities for international buyers. Despite whatever is happening here, the UK has always proven to be a safer haven than elsewhere. In fact, analysis of HM Land Registry figures by the Centre for Public Data found the number of properties in England and Wales owned by foreign citizens has tripled since 2010 – rising from 88,000 to almost 250,000 by late 2021.
“Our Viewbers consistently visit UK properties on behalf of international buyers, even during the depths of the pandemic when international travel was all but banned,” comments Viewber’s founder, Ed Mead.
“While we do expect more foreign buyers to return to in-person visits, many purchasers are enjoying the time and money-saving aspect of having someone actually in the UK report back on a property on their behalf.”
Ed cites a full suite of technology at a Viewber’s disposal for reasons why virtual viewings and ‘blind buying’ has continued over the last two years. “From traditional static photos, written reports and floor plans to video footage, 360-degree virtual tours and even live WhatsApp video calls, our Viewbers have been able to take purchasers on property visits without the need for them to cross borders.”
While it’s only natural for a degree of in-person activity to return as travel corridors open further, people have realised that property buying – even if it’s just the first round of shortlisting – can now be done almost as well from afar. “As well as saving the buyer an international journey and travel costs, sending a Viewber also saves agents huge amounts of time, especially if the purchaser has a long list of properties they want to assess.”
If you are interested in buying a UK property but you live outside of the country – or if you’re an agent with a large database of international clients – contact Viewber for assistance. And with self-isolation no longer required for Covid-free travellers once in the UK, a Viewber would be happy to conduct an accompanied property viewing upon arrival. Book your appointment today.
