Will Watson, Head of London, The Buying Solution weighs in on the impact of Boris and Brexit on the city’s high-end residential market:
“This huge uncertainty is in actual fact creating more and more opportunities for those braver buyers who see now as the time to invest with a long term view many buyers are now thinking we are at the very bottom of the market. The currency play means in some cases buyers can achieve a circa 50% reduction on prices since 2014, a combination of reduced values and the discounted sterling. These buyers could well be the ones who look back in five years plus having bought very well. It is all about targeting the vendors that need or want to sell.
A few clients have indicated that another referendum is the only way to resolve the current turmoil in government. A simple vote on whether we leave with no deal or we except what Europe is offering us. Otherwise there is a concern that there will be further delays until January and who is to say we would be any closer to a deal then. For those thinking of selling now, there is very much a market provided the pricing is sensible.
Plenty of buyers are looking and are frustrated by the lack of available stock. We are still seeing competitive bidding for best in class property and prices remaining firm. Anyone holding dollars is in a particularly strong position; we’re seeing American and Middle Eastern buyers looking to invest with very much a long term view of holding onto the property. Ultimately London is London and regardless of Brexit, the fundamentals remain unchanged – a financial capital, rule of law, the time zone, the education system, robust regulatory framework, culture, healthcare, connectivity and of course an excellent choice of good quality housing stock.”
See full article on line here: https://www.bllnr.com/culture/brexit-s-impact-on-luxury-london-property