Pfizer took the world by storm with the announcement that they have a vaccine in the works with BioNTech that is more than 90 per cent effective. Economic forecasts have since been enhanced and the FTSE 100 has seen several gains. Extraordinarily, the GDP is speculated to recover to levels from before the pandemic by the middle of 2021. As a promising vaccine makes its way around Europe and the rest of the world, international travel is beginning to resume. 

With the return of international travel, so too comes the international buyer – one of the most significant sectors in our cosmopolitan city. In areas such as Knightbridge and Belgravia, some estate agents report up to 70% of properties sold in the last ten years has been to international buyers. 

The coronavirus pandemic drew international travel to a near halt, stifling the property trade. In September, Heathrow arrivals were down 81 per cent on the previous year. The market so regularly accustomed to an onslaught of international buyers began to dry up. As a result, house prices in central London, usually safely afloat, decreased in value by 1.6 per cent compared to last year. 

While house prices seemingly plateaued, a newfound optimism has supplemented demand. According to London estate agents, the vaccine announcement has led to a spike in enquiries from international buyers. Despite questions still remaining on the efficacy of the vaccine out-rolling, the sense of hope is palpable. Discovering the light at the end of the tunnel has made its impression on buyers. The scale of the sudden restoration of interest has been likened to that generally reserved for a popular election result or influential budget announcement. The question remains whether this reinvigoration will last long enough to dispel the predictions of momentum loss in the housing market in 2021.

“Most people are taking a long-term view. There’s an expectation that London will return, it’s a question of when not if,” says Ashley Wilsdon of buying agents Middleton Advisors.