Concrete Analysis | Brexit fails to dampen Asian hunger for prime London real estate
Despite uncertainty over Britain’s new government and encroaching exit from the EU – London’s prime central market remains a solid long-term bet
Asian buyers are helping London’s prime property weather the UK’s planned exit from the EU
“May you live in interesting times,” the (probably apocryphal) Chinese curse that the British like to summon in times of turmoil, has particular resonance in the UK today.
The uncertainty created by last June’s vote for Brexit was compounded on June 8, when the general election returned a hung Parliament, with no party winning enough seats to command a workable majority.
When it comes to London’s prime property market, however, uncertainty may be more of a blessing than a curse. The effect of the election result on the sector is too early to call but Brexit has already provided buyers from abroad with a considerable benefit in the form of a weaker pound.
A prime central London home is more than a fifth cheaper today for dollar buyers than it was on the eve of the Brexit vote last June. Turbulence from the recent election result may well extenuate this.
Throughout prime central London, agents report the referendum result provided a wake-up call to reluctant sellers, which the uncertainties of the election result is likely to compound.