Ironically many Europeans still see their future in London
According to Property Wire this morning, the prime residential market in London is seeing a rise in sales and viewings, although prices are still down. Here’s my take on the current market and why Europeans still see their future in London...
The Property Wire article (see here) confirms that viewings and sales in prime central London’s residential property market are rising, despite the continued political uncertainty surrounding Brexit, according to the latest industry analysis and this is what I’ve been experiencing in my own business.
This is a combination of many factors, the main being that while these buyers have been around for several years, vendors’ and buyers’ expectations are now more aligned than they were before.
Vendors have realised that they have to adjust their expectations and asking price to become more realistic in the current market if they want to get a sale, and this, combined with the strength of dollar (and the Euro), which makes up sig part of PCL market, means that foreign investors are taking the opportunity to buy London.
Brexit - in terms of the political ramifications - is actually not part of the issue at the moment, however European buyers are now benefiting from currency fluctuations.
Clients I have been working with still see London as a the top European city from which to base themselves, particularly those with children, as British schools continue to be a major draw card.
The PCL property market is no longer reliant on The City like it once was, given the diversity of business in London and despite our political wranglings and domestic frustration over the current Brexit stalemate, we continue to be seen as a major hub and are likely to be for the foreseeable future. Ironically, many Europeans see their future in London.