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Buoyant London property market post referendum…

June 30th 2016
By: Melanie Hollidge

Since the announcement of a possible departure from the EU overseas buyers have been snapping up London properties, to benefit from the falling pound.
 
Estate agents have been inundated with calls from across the globe – Chinese, Middle Eastern, Italian and Spanish buyers are among those foreign investors who are looking to secure properties as we experienced a fall in the pound not seen for more than 30 years.
 
Foreign buyers gained around €50,900 (£42,000) discount on the average London house price after the referendum results. The average house in London now stands at just €579,200, compared to November 2015 when it was at €630,100.
 
Buyers still recognise that sterling is still a stable asset, and although in the short run the pound might remain weak, that for long-term investors the UK remains a viable place to invest in property.
 
If you would like to discuss the property market since the referendum last week why not pop into your local branch of Goodfellows for a chat and a coffee or call our team on 0845 3727070.

Source: The Independent