| UPDATED: 14:50, Sun, Dec 13, 2020
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House prices in the UK have boomed during the tail end of this year. The surge in house prices has largely been influenced by the government’s decision to implement a stamp duty holiday until March 31 2021. The latest private rental market summary statistics for England from the ONS have revealed a similar surge in rental prices.
Brexit property: More UHNWs are expected to fly into the UK to view properties (Image: GETTY)
Leading private wealth law firm Boodle Hatfield has said many Middle Eastern investors are closely watching the UK’s exchange rate to see if they can bag a bargain.
The UK’s travel corridor list has meant many investors abroad have struggled to view properties in person.
However, with more countries being added to the travel corridor list in recent days, including the United Arab Emirates, more UHNWs are expected to fly into the UK to view properties.
Shaima Jillood, Partner and Joint Head of Middle East at Boodle Hatfield said even if a post-Brexit trade deal is negotiated in time, “UHNWs are betting on a weaker pound”.
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th December 2020 10:24 am
Average rental rates have hit a record high in England, at £725 a month, according to the latest data from the Office of National Statistics.
The ONS Private Rental Market Statistics shows the median monthly rents recorded between October 2019 and September 2020. It says this figure is now the highest on record.
Within its data, the ONS shows that the highest rental rates are, not surprisingly in London. The median monthly rate in the capital now stands at £1,435 almost double the rate for the rest of England.
The monthly rate for outer London was £1,300 compared to £16,90 in inner London. Average rental prices in the South East stood at £895 a month over the past year.