This Week in Property: The Latest News (16th April 2021)
Take a look at what our CEO Gill Fielding has to say about this week’s property news…
London Still Wins the Monopoly
It has always been the case that London has been the most desired property location in the world and property there has always been seen as the best asset to acquire for overseas wealth.
Or at least it was. It was thought that London would now fall out of favour with the world due to Brexit and the separation from mainland Europe.
One of the constant anti Brexit taunts was that London would no longer be a central hub for Europe and the rest of the world – but figures just released by Knight Frank show that London is still the most popular city in the world for the super rich.
Knight Frank state that more properties valued at $10 million or above were transacted in London than any other city in the world during 2020. This is up over 2019 (when the world was ‘normal’) levels and compares to New York and Hong Kong where transactions fell by 27% and 48% respectively.
This demonstrates two things: firstly, London is still seen as the global centre and the place where the economy is most likely to bounce back strongly as well as a place where property values are attractive, and secondly, it shows that some people are still making a lot of money during the pandemic and can afford to buy these properties.
$10 million sounds like monopoly money to me but if there are people out there who have that kind of cash to spend it’s great that their confidence is still in the UK and London.
If you would like to find out more about investing in property, come along to our 3-Day Property Investing Training.
When is outdoors not outdoors?
It’s wonderful that we’re now lifting some of the lockdown measures and people can now enjoy a meal or a drink as long as it’s outdoors and this has meant that many business owners have become very creative when finding outdoor space.
Firstly many have applied to use the pavement and parking areas outside their establishment and 840 licenses in 10 councils have been granted for businesses to use the pavement as part of their restaurant or pub.
In Westminster alone, 60 areas have been designated as suitable and this includes parking bays! In addition business that didn’t need a license because they already had land have been creative in providing outdoor ‘seating’. Parking areas, gardens, land and recreation areas have seen the arrival of marquees, gazebos, awnings and heating as an addition to the normal space.
But some businesses have been more unusual and one business owner says that people are sitting on stones, on the walls and on the floor.
That can’t be very comfortable but people are so keen to get back to eating and drinking outside their home that they’re prepared to put up with it.
But business owners beware because not all outdoor structures count and one poor business had the council deny them permission to use a £50k chalet built especially for the occasion as it didn’t comply with ‘outdoor’ standards. Apparently not all ‘outdoors’ is the same and there are strict rules as to what counts as a covering or not. Business owners beware and for patrons my guidance is to wear extra clothing!
Together is better
There’s a heart warming story in the media this week about a group of people on the Wales England border that have set up a co-operative to help each other through the pandemic.
They are all small business owners and when the founder was forced to close her preserve making business because of Covid, she reached out to other like minded small business owners and they have formed a co-operative to sell their products on line and goods from all 25 of the participating businesses can be collected from one central point.
As well as distribution benefits the group provide each other with support, encouragement, ideas and guidance. The businesses include the jam maker, a cider maker, a butcher, coffee-roaster and two breweries. It’s a lovely story and what could have been a negative situation of business closure and furlough is a brilliant story of hope and positivity.
It’s the definition of TEAM: Together We Achieve More.