LCP Private: Winter Issue
Looking back on 2020
Notwithstanding the global pandemic, LCP saw the number of acquisitions it made on behalf of its clients double in 2020 compared with the previous year, highlighting that London is still seen as a safe haven asset class. However, with constrained overseas demand generally, price recovery in prime London has been slower than markets benefiting from strong domestic interest. 
 
In this Winter issue, LCP highlights a few of the notable trends we have seen in this challenging year.
Property Acquisition
Despite travel restrictions preventing overseas clients visiting the UK, international buyers were still able to take advantage of acquiring at bottom of market pricing through LCP’s exclusive buying service. As featured recently in Tatler, 22% of LCP's transactions this year were purchased sight unseen. Properties in Pimlico and Bayswater were in particular demand due to the great value these areas are offering.
Interior Design & Refurbishment
Our in-house project management team have been adapting to the logistical difficulties Covid has brought. The team are finalising 5 investment projects to be launched in the seasonally busy rental market in January as well as bespoke homeowner refurbishments. Specialising in space optimisation, the team provide imaginative and cost effective design solutions to create beautiful interiors, to agreed time scales and budget. Follow our Instagram page to see our projects.
Letting & Property Management
The lettings team have been busy renting its managed portfolio to ‘homegrown’ tenants taking advantage of attractive rental prices in prime London. LCP sources high quality tenants and makes stringent financial checks, resulting in zero defaults despite the challenges facing many in 2020. LCP handles all the day-to-day demands of property management, ensuring tenancies run smoothly for a stress-free, hands-off investment. 
Message from Andrew Weir, Chief Executive at LCP
We anticipate that Q1 2021 will see a rush to the finish line as buyers attempt to take advantage of the remaining SDLT holiday and non-UK investors seek to avoid an anticipated 2% surcharge. With the arrival of a vaccine, we expect prime London to be set for a steady recovery as travel restrictions lift and overseas buyers return. Nevertheless, we see a few bends on the road to recovery. We are yet to experience the full effect of Covid-19 on the wider UK economy, the impending tax implications of increased Government borrowing and, of course, the real impact of Brexit. However, LCP retains its belief in London as an employment and cultural hub and global city of choice, post pandemic.
Considering a home purchase or buy-to-let investment? Get in touch with LCP today
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Disclaimer: This report is published for general information and should not be relied upon in any way. No responsibility can be accepted by London Central Portfolio Limited for any loss or damage resulting from any use of the contents of this report. Any forward-looking statement involves known and unknown risks, which could differ materially from those expressed or implied.