The market has been filled with uncertainty over the past couple of years and now that we have voted to leave, this draws a line under a major obstacle in getting the Prime and Prime Central London market back on its feet.
There is no doubt that the slowdown in the market prior to the Referendum was as a result of the Chancellor’s ill-conceived increase in Stamp Duty and as such we do not expect to see an increase in prices.
We expect the domestic buyers to remain subdued, perhaps opting for rental accommodation (rents being low for the time being due to oversupply and high cost of acquisition) but we do we expect more interest and volumes from overseas buyers.
An unwanted consequence of leaving the EU is that our currency will depreciate making property cheaper in net terms compensating for the high SDLT in Prime and Prime Central London.
Why would they want to buy here? For the same reasons they always have – London is the greatest city in the world to live in – and we are not biased!
