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FORA: The Impact of COVID-19 on UK Real Estate - Shared screen with speaker view
Alex Gherciu
Welcome to this week FORA event.Please keep yourself muted and video switched off.We do encourage you to submit questions via chat.
Rebecca Booth
Are non-domestic buyers still interested in the UK residential market?
Savio Figueredo
Are you seeing International Investors? What are their demands?
Savio Figueredo
Lenders are adopting strict criteria, delays in decision making, concerns about valuations, what are you seeing in terms of the supply of credit?
James John
Well said Sarah - the whole WFH thing was a challenge for me as well but I can see us all doing it for a day or two a week from now on - how this will affect the demand for offices long term remains to be seen.
Christopher Coleridge cole
There are a huge number of Cantonese buyers coming in from Hong Kong because 1) Uncertainty of Hong Kong’s future; 2) Legality of UK property ownership; 3) Cheapness of money; 4)Property discounted since Brexit; 5) Sterling being cheap. We are seeing a significant increase in Chinese buyers as an investment.
Tom Tangney
Traditionally the summer can see a lull in the market, do you think this will be the case this summer
Christopher Coleridge cole
You’re absolutely right Camilla. The other reason BTL landlords are. suffering is from a taxation standpoint due to Osborne’s attack on them.
Rebecca Booth
Are offshore structures still of interest to these international buyers/investors?
Christopher Coleridge cole
Yes, very much so.
Christopher Coleridge cole
Lindsay entirely right. Central London prime.
Mcfarlane, Sarah-Jane
Will this bounce last? What factors will be necessary to see the same level of demand current playing out in the market?
Christopher Coleridge cole
Savio, there’s buckets of credit availability.
Tom Tangney
surely trading up or down will only depend on the clients personal circumstances.
Justin Mason
Are buyers opting to obtain advice from valuers and surveyors prior to purchase or are they under pressure to act swiftly due to competition?
Christopher Coleridge cole
Offshore Trusts, typically a QNUPS, is the perfect vehicle because it gets round IHT, Boris Johnson‘s new surplus2% stamp duty from next year for overseas purchases as well.
Christopher Coleridge cole
Also ATED for overseas investors
Justin Mason
Thank you!
Rebecca Booth
We’re seeing more enquiries for Guernsey Property Units Trusts
Christopher Coleridge cole
As I say a QNUPS TRUST purchase gets round this surplus together with ATED & IHT
James John
Thank you very much