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Felicity Glover has all the answers to your personal finance questions. Learn about saving, investing, managing debt and much more. Join us on Pocketful of Dirhams by The National coming straight from our news room in Abu Dhabi. Make sure to subscribe and follow us on your favourite podcast app so you can stay up to date on our latest episodes.
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Tuesday Dec 08, 2020
Tuesday Dec 08, 2020
Like many parts of the world, the UK property market has experienced a roller-coaster ride of ups and downs as it absorbs the effects of Covid-19. While there was a total halt in transactions at the height of the pandemic when the country first went into lockdown, the second half of the year saw mortgage applications and transactions surge on the back of UK finance minister Rishi Sunak’s stamp duty holiday.
Add in pent-up demand and a desire for more space, along with an expected increase to stamp duty for overseas buyers in April next year, and it’s easy to see why there has been a rise in interest from the Middle East. With British house prices now on their strongest growth run since 2004, with the average home now selling for £253,000 according to Halifax, how long will the house price surge last? What should Middle East investors do to ensure they get the best deal? And what’s driving the increased interest from the region?
Add in pent-up demand and a desire for more space, along with an expected increase to stamp duty for overseas buyers in April next year, and it’s easy to see why there has been a rise in interest from the Middle East. With British house prices now on their strongest growth run since 2004, with the average home now selling for £253,000 according to Halifax, how long will the house price surge last? What should Middle East investors do to ensure they get the best deal? And what’s driving the increased interest from the region?
Host Alice Haine is joined by Henry Faun, partner and head of Knight Frank's Middle East private office, who offers listeners an insight into what's to come for Britain's property sector in 2021.