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One of the most prominent buying agencies in London has said that interest in buying the capital will come back after Brexit – whether or not there is an agreement negotiated by the government.
Black Brick predicts that London is currently experiencing a "low" price in the main core areas, which translates into a recent increase in the number of investigations.
The agency says the impact of Brexit is likely to have been overestimated and that the accumulated demand, when finally released, will trigger a frantic race for attractive properties.
"People like certainty and once Brexit is triggered, whether it's an agreement or not, it will bring certainty to the market, which will have a positive impact on the London property market," he said. said Camilla Dell, managing partner of the company.
She claims that her company recorded twice as many new investigations in August and September 2018 compared to the same period in 2017. They were spread across nine different nationalities, including the United States (24%), the United Kingdom ( 34%). Saudi Arabia, United Arab Emirates, Canada, Japan, India, Egypt and Germany (six percent each).
Comparing these figures with those of the previous year, US requests for information were 20%, while those in the United Kingdom were nil, reflecting the shift of domestic buyers over the past 12 years. month.
Dell says that the UK's interest is largely attributable to homeowners rather than to investors. "This is because UK-based buyers are often better able to take a stand on the meanders of Brexit negotiations; for most of them, their future is in the UK, regardless of Brexit or whoever sits at number 10. "
But while Dell is optimistic about London's continued appeal to international buyers, it warns: "If the proposed additional stamp duty on foreign buyers were to come into effect, it would certainly have an impact on foreign investment." in the short and medium term, and could potentially deter some wealthy investors. buyers spend well above 1 million pounds. "
She adds that this in turn will reduce tax levies and possibly development in London, because many promoters rely on the sale of off-plan apartments to foreigners to finance their developments.
For now, however, its largest customer base is from the United States.
"US-based buyers have shown considerable interest in investing in London and this has been consistent over the last 18 to 24 months. We believe that the demand for this nationality comes from buyers who take advantage of the weakness of the pound sterling against the US dollar, of those with interests in the technology sector and other commercial ties with the United Kingdom. Finally, some US buyers are nervous about Trump. diversification outside the United States. "
She says that since the peak of the real estate market in London in late 2014, the pound fell 19.25 percent.
"Combined with a decline in real estate prices of 15 to 20% and buyers of a dollar, buyers are now able to make acquisitions for nearly 40% less than there are four years, "she concludes.
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