LCP Private: Summer Review
Prime London property market 
With the lifting of all Covid-19 restrictions in the UK, there has been a noticeable ‘buzz’ in London as young professionals and students return. LCP received over triple the number of enquiries for properties in its letting portfolio in August compared with the same month last year.

Nevertheless, international travel remains limited. Heathrow Airport statistics, recently analysed by LCP, shows that passenger traffic in the last three months was 79% lower than the pre-pandemic average for the same period. The absence of overseas buyers has discouraged sellers from listing their property for sale and low interest rates have encouraged a lack of urgency.  

In this issue, LCP highlights a few of the notable trends and activities we have seen over the summer.
Property Acquisition
Despite the end of the stamp duty holiday, LCP have been busy spotting the best opportunities for overseas buyers to buy sight unseen. 40% of LCP’s active clients are based in Hong Kong, looking to take advantage of discounted prices and a lack of overseas competition. Bayswater and Pimlico have been popular as both benefit from attractive pricing, central locations and significant new developments along Queensway and within Victoria.
Interior Design & Refurbishment
LCP are currently finalising three renovation projects across prime London for homeowners and buy-to-let investors. An unmodernised flat in Pimlico, where our projects team managed the entire design and refurbishment, resulted in the property being let after only 2 viewings. To arrange a consultation or to find out more about LCP's refurbishment service, please do get in touch or visit our website.
Letting & Property Management
The prime London lettings market has been bustling over the late summer with tenants returning to London for work or study. 47% of new tenants in July and August were from the finance sector. London remains attractive to EU nationals who make up 45% of LCP's current tenant base. Our lettings data is particularly encouraging given that international travel restrictions remain in place.
In case you missed it
Andrew Weir, CEO, was joined by an expert panel from Dubai & London for a live discussion on HNW individuals from the Middle East considering investing or moving to London & the UK. If you were unable to attend, you can watch a recorded version here. Andrew also spoke to Bloomberg radio about the prime London lettings market and featured on property developer Nicole Bremner's podcast "What's next for property in PCL." Click here to see LCP's recent coverage.
Message from Andrew Weir, Chief Executive at LCP
A common misconception is that London is quiet and therefore buyers can easily find a 'good deal'. The prime London property market is nuanced as real estate is 'tightly held' during times of price suppression. When prices soften through lack of the usual demand, sellers become less inclined to openly market their home. Lack of stock is the main issue for buyers seeking either a new home or rental investment. This complex environment is when a buying agent comes into their own, a trusted set of eyes and ears on the ground who can source the best opportunities, many of which are not readily available on the open market. To discuss the best investment opportunities currently in prime London, please do get in touch.
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