As we all digest the news that the UK has decided to leave the EU, our thoughts have naturally turned to what this means to the property market.
Before any major political or economic event there is always uncertainty in the market, and in May the National Association of Estate Agents (NAEA) reported a 3 year low in buyer demand nationally. Whilst the triggering of Article 50 and our exit from the EU is inevitably some time off, the fact that a decision has been made means that both buyers and vendors who have been holding off for the result can now make decisions and move forward. We saw this kind of uncertainty after the 2008 market crash and before long the London property market bounced back to be as buoyant as ever.
Whilst the general feeling is that it is unlikely that the market will return to normal in the near future and that we may see a fall in house prices, the fundamental fact remains that demand for good quality property in London is still far greater than the supply. This, coupled with the fact that interest rates are expected to remain low (or even fall) means that the central London property market still remains attractive for homeowners and overseas investors alike.
We undoubtedly face a period of uncertainty but London continues to be one of the most desirable cities in the world to live in. If you’re thinking of selling or renting your home we would love to help and are happy answer any questions you may have – please give our Sales and Lettings Manager Joshua a call on 0207 812 0480 or pop in to our Upper Street office for a chat.