Immediate post-Brexit vote boost to London property market

London estate agent Douglas & Gordon reports that instructions on London property purchasing has nearly trebled in the week after Brexit compared to the previous week.

property London
It also saw the number of sales agreed increase by 11 per cent in the same period as buyers and sellers, some of whom had put their property transactions on hold pending the referendum result, pushed to complete against a backdrop of political and economic turmoil in the UK.Many of the deals were struck by people taking advantage of the weak pound in the immediate aftermath of the shock result. At the current sterling / dollar exchange rate of US$1.31, London’s Emerging Prime areas are now 25 per cent cheaper than they were two years ago.The agent’s offices, reported interest from applicants based in Nigeria, USA, UAE, Russia and China – all of whom are buying in US$ and most of whom were interested in property priced between £1m and £2m.Since the start of the year, Douglas & Gordon Corporate Services has received 24 per cent more enquiries from relocation agents, reflecting a year on year increase in the number of corporations looking to move employees to London. Enquiry levels last week, following the Brexit result, were at their highest since the start of the year. It will be interesting to see how this unfolds over the coming months.Post-Referendum, it has continued to experience a steady level of interest from buyers and tenants. This follows a remarkable increase of more than 50 per cent in the first half of 2016 compared to the same period in 2015.CEO James Evans said, “Politically we may be in uncharted waters, however many of our clients who delayed listing their property until 24 June were simply waiting for a result one way or the other.“London property transactions happen for a variety of reasons and our experience is that those who are wanting or needing to buy, sell, rent or let will continue to do so.’”

Read analysis of what the vote to leave the EU may mean for for the global mobility industry in Brexit is a reality – a new era for global mobility? by Relocate Global's managing editor, Fiona Murchie.

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