International buyer slowdown one of Prime London’s biggest challenges
The latest survey of UK prime residential agents by AgentWise has found that many believe a slowdown in international buyer activity to be one of the biggest challenges facing the market today, whilst many have also noted an increase in the number of clients looking to explore property opportunities overseas rather than the UK.
AgentWise surveyed its member agents operating within the UK’s prime residential market to understand the key factors influencing buyer activity, international demand and cross-border property transactions.
The survey found that buyer hesitation and an international buyer slowdown jointly rank as the biggest challenges currently facing Prime Central London, both cited by 30% of respondents.
A further 27% identified overpricing as the primary issue affecting market activity.
Whilst international demand remains a key component of the UK’s prime property market, almost three quarters of agents surveyed said they had not collaborated with an overseas agent during the last 12 months, suggesting there remains significant scope for greater international connectivity across the sector.
At the same time, 57% of respondents said their clients are increasingly searching internationally for property opportunities, highlighting the growing importance of cross-border relationships as buyers become more globally mobile, as well as a shift away from the UK’s prime market.
Founder of AgentWise, Eric Corsaletti, commented:
“The UK’s prime market has always been an international melting pot and foreign buyer demand remains a critical component of activity.
However, today’s buyers are increasingly global in their outlook. They are comparing opportunities across multiple cities and countries simultaneously, whether that’s London, Dubai, Lisbon, Madrid or New York.
That means agents increasingly need trusted relationships beyond their own local market if they are to provide the best possible service to clients.”
Despite the fact that more than half of agents say their clients are increasingly looking overseas, relatively few have actually collaborated with an overseas agent during the last year.
That highlights a clear opportunity for stronger international connectivity and greater collaboration between professionals operating in different markets.”
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