by FARA AISYAH / pic by BLOOMBERG
MALAYSIANS are among the top buyers who have contributed to the high sales in the UK property market last month.
Data from Knight Frank LLP showed that the market was highly abuzz last month recording the highest ever number of offers, mainly supported by high transaction levels from the Malaysia International Residential department.
Knight Frank Malaysia associate director of International Residential Project Marketing Dominic Heaton-Watson said in a statement yesterday that about 44% of August transactions from the Malaysia office were in the two-bedroom category, with buyers seeking the additional space of a flexible second bedroom that could be used as a separate study room.
Knight Frank said the level of market activities seen through the crisis globally and in London specifically demonstrates the resilience of demand for housing designed and built prior to the pandemic.
Knight Frank associate Flora Harley said while it is still too early to confirm the lasting impact of the pandemic on the development landscape, it is clear that it has accelerated pre-existing trends and prompted new ideas for current and future developments.
“Yet, what cuts through the findings of the research is the importance of not overreacting to the immediate fallout from the crisis.
“There is little evidence pointing to the need to design for future lockdowns or specified meterage for social distancing,” she said.
According to the survey conducted by Knight Frank, of the 160 global developers across 22 nations, almost six in 10 global developers have delayed projects in response to the spread of the virus, as it broke down supply chains and prompted a wholesale rethink of how and where people want to live.
Of those with delayed projects, more than four in 10 are now making changes to designs that were once considered complete.
Knight Frank’s survey also confirmed a desire to consider potential Covid-19-inspired changes.
Three quarters of developers are more likely to consider advanced telecommunications and space for home offices to allow for continued flexible home working.
The other 38% of developers are more likely to consider facilities for bicycles, compared to only 17% that are more likely to consider parking space availability.
Meanwhile, 41% of respondents said they would be looking to develop in a mix of locations, cities, second-home as well as rural areas, and 45% said they were more likely to solely focus on cities.
A third of developers are considering adjusting the mix of residential and commercial elements in schemes.
Following a period of unprecedented restrictions on movement, two in five developers said they would be more likely to be sensitive to the requirements of the domestic market.
The research report also found that 63% of the respondents will further increase their sales process to be more geared toward virtual offerings.
“As proven with our success during the Movement Control Order, we are adopting the Developer 3D walk-throughs and virtual viewing technology for our upcoming public launch exhibitions in Kuala Lumpur for two distinctive central London waterside communities: Holland House in Fulham W6 and The Imperial in Chelsea SW6,” Heaton-Watson said.