Remote homebuying is nothing new in London

International buyers have been buying homes sight-unseen for years

New York Weekend Edition /
May.May 16, 2020 09:00 AM
(Credit: iStock)

(Credit: iStock)

The coronavirus pandemic will likely spur a long-term shift toward remote working, but could it also popularize remote homebuying?

If so, London agents are well-prepared, according to the Wall Street Journal. Remote buying has been a practice in the U.K. capital for years — around 3,600 of the 28,000 new homes built in London between 2014 and 2016 were sold to overseas buyers.

In years past, overseas buyers often flew in to see a property before closing, but some buyers pulled the trigger sight-unseen even before a pandemic effectively halted international travel. Agents are also used to recording videos of properties for overseas clients.

Thea Carroll, the founder of an eponymous brokerage in London, said that the U.K.’s late March lockdown didn’t deter her Middle Eastern clients from moving ahead with a $7.4 million buy in Knightsbridge.

They’ve only seen the property through a few videos, but the property fit the specific criteria they were after.

“They know their options are really limited, and they are market-educated enough to know the location is right and the price is good,” she said.

Nick Vaughan of Savills said that international, particularly those living in China, Hong Kong, and other parts of Asia are used to buying new construction condos through sales exhibitions. Brokerages will hold these exhibitions abroad and sell units with renderings and floor plans.

“Buyers are very, very used to going to exhibitions and seeing a model of the building and buying on that basis, and the U.K. is seen as a very safe haven,” he said. [WSJ] — Dennis Lynch


Related Articles

arrow_forward_ios
RXR CEO Scott Rechler and 620 Sixth Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images, Beyond My Ken, CC BY-SA 4.0 - via Wikimedia Commons)
RXR sues insurers over infectious disease coverage
RXR sues insurers over infectious disease coverage
Moderna's Tracey Franklin and St. Regis Residences Boston (Getty, Moderna)
Boston’s luxury boom comes courtesy of Moderna
Boston’s luxury boom comes courtesy of Moderna
New York City Comptroller Brad Lander (Office of New York City Comptroller Brad Lander, iStock)
Office occupancy in New York finally hits 40%
Office occupancy in New York finally hits 40%
(iStock/Illustration by The Real Deal)
Real estate agents landed $3.9B in PPP loans: report
Real estate agents landed $3.9B in PPP loans: report
(iStock/Illustration by The Real Deal)
Leisure, hospitality, construction lead strong May job gains
Leisure, hospitality, construction lead strong May job gains
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Office occupancy hits pandemic high
Office occupancy hits pandemic high
(iStock/Illustration by Steven Dilakian for The Real Deal)
Jobs report brings good news for real estate
Jobs report brings good news for real estate
(iStock)
Leisure and hospitality gain ground as 2022 opens in hiring boom
Leisure and hospitality gain ground as 2022 opens in hiring boom
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...