How will Brexit change the London property market?
Following the monumental Brexit referendum, many are watching the UK housing market in this time of uncertainty, though there’s one thing that is certain: now is a great time to invest in a London property.
According to The Independent, all over the UK estate agents have been seeing huge increases in enquiries from countries in the EU and outside, some as far afield as China and the USA.
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What lead to the increase of overseas interest?
This increase in interest will be due to rumours of a dip in house prices – great news for those looking to get their feet on the desirable London property ladder and of course their Euro or Dollar is going further against the pound.
There is equally good news for domestic buyers as the Bank of England’s Governor, Mark Carney, recently hinted that the country’s interest rates will be dropped below its all-time low figure of 0.5%, meaning mortgage deals will improve and first time buyers will be given a chance to get on the property ladder.
Is this a good time for property investors?
But while right now looks like a good time for investors to find themselves a bargain home or buy-to-let, the tides may turn again soon, and experts have suggested that the influx of overseas investors may actually push up demand for London property again, and bring the prices back up to their previous heights.
It remains to be seen what will happen to the UK housing market, but for now it seems a great time to invest in property in London.
We help clients in the UK and overseas
At Homeward Legal, we help anyone looking for a solicitor to help with their property purchase or sale in England and Wales. To find out more about investing in UK property, give us a call on 0800 038 6699. If you are calling from abroad, you can reach us on 0044 207 406 5894.
Alternatively you can get an instant conveyancing quote online.