An estate agency in London has launched an international desk in expectation of a post-Covid and post-Brexit boom in demand for the UK’s property among overseas buyers.
Ten-branch firm James Pendleton, which handles new-build sales across the capital and Home Counties, says the extra demand is likely to push up prices in London by 5% this year.
The new division is being headed by highly-experienced property expert Urosh Teodorovich, who has just joined the firm and will specialise in providing a highly personalised service for buyers primarily originating from Hong Kong, China, Saudi Arabia and Dubai.
“There doesn’t appear to be a lot of consensus at the moment as to which direction the UK and London markets will take,” says the agency’s chief executive Lee Pendleton.
“We stand in the more optimistic camp because we see the current headwinds as completely different in nature to the financial crisis, which is the last event that precipitated a significant decline in valuations.
“The origins of the current crisis have been medical rather than economic, and massive government support around the world has been busy protecting asset prices.”
Teodorovich (pictured), who has worked in Asia working for both Quintessentially and Christie’s International and who speaks fluent Mandarin, says the pandemic will not have knocked London off its perch as a top choice international investors.
“London remains a truly global city with a stable political system, world-class public facilities and universities, a highly liquid market with reasonable property purchase and holding costs, as well as sustained population growth,” he says.