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Property Sales Are Recovering and April Was Hopefully The Global Low Point

The latest Global Residential Outlook was released by Knight Frank on 9 July, giving an overview of the key global residential property markets. It found that, despite localised outbreaks, a number of cities are seeing sales volumes continue to recover with April so far looking to be the low point for residential activity.

New outbreaks of COVID-19 have emerged in parts of the US (Southern & Western states), Spain (Catalonia, Galicia) as well as Melbourne, which las led to the city entering lockdown again and the state border closing between Victoria and New South Wales, for the first time in 100 years. Perth has also moved to limit international arrivals to 525 people a week, which is roughly the equivalent of just four flights per week.

The UK announced its long-awaited ‘traffic-light’ list of 74 countries and territories that Brits can travel to without self-isolating from 10 July. Whilst France, Spain, Italy and Germany are included, Portugal, the US and Canada are currently omitted. In the case of Australia and New Zealand, despite being on the list, their borders remain closed. People resident in Scotland, Wales and Northern Ireland will still have to self-isolate on their return from “amber” rated countries under the terms of the deal.

“June provided further evidence that price declines are bottoming out in prime London property markets, as quarterly declines narrowed across the capital. In prime central London, prices fell 3.6% in the three months to June, lower than the -4.4% registered in May”, stated the report.

Chancellor Rishi Sunak also announced new measures to boost the UK’s economy including a stamp duty holiday for homes priced below £500,000, which will start with immediate effect and run until 31 March 2021, to breathe some life into the UK’s housing market.

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