LONDON PRIME PROPERTY – not all doom and gloom

A Gallic shrug – if still allowed – is the most likely response from most people to the question of what will happen to the London prime residential market following the Brexit referendum result. And, if commentators in the media are to be believed, everyone is going to run for the hills with the market grinding to a halt or collapsing entirely. But is this the reality?

While no one really knows, the market is, of course, moved by sentiment and psychology neither of which can be predicted. The result is only the first step in a long tortuous journey. But our discussions with agents, property search agents and clients on the prime London market suggest that it is not all doom and gloom.

In a nutshell, the current position seems to be:

• The world is largely still the same. War has not been declared in Europe.
• London is and remains the foundation stone of the UK economy.
• London is and is likely to remain the financial centre of the world.
• London and the UK are politically stable compared to some countries and geographically well positioned.
• A divorce from Europe is not going to be as easy or quick as some Leave voters may have been led to believe.
• It is in no-one’s interests for there not to be (eventually) some sort of a compromise. We will probably end up in the same game but under a different name.
• There are opportunities now and in the future if buyers and sellers do not panic and make measured decisions rather than knee jerk reactions.

So, for the prime property market, the message seems to be ‘Keep calm, sensible and selective and – eventually – carry on’.

(The contents of this market update are intended for the purpose of general information and should not be relied upon as the basis of decision making on the part of the reader. Whilst every effort has been made to ensure its accuracy, Angela Silverman & Associates accepts no liability for any loss or damage resulting from its use. )