Property sales in central London increased towards the end of 2016, largely due to the weaker pound and more realistic prices being set by vendors. Following the increase in base rate by the Federal Reserve in December, the US dollar strengthened. It is tipped to remain strong throughout 2017 as further interest rate increases are likely and President Trump is expected to implement an economic stimulus package. Correspondingly, in the first few weeks of 2017, agents have reported increased interest in London property from US buyers.
It remains to be seen if this upward trend in sales will continue in 2017. Given that we are entering a period of global uncertainty; the triggering of Article 50 in the UK, elections in several European countries and Trump’s potential changes to US trade pacts and policies, this is difficult to predict.
Golden Venn believes that uncertainty in the UK and globally will create opportunities in the London property market for investors who are well-informed and advised. London enjoys an enviable reputation and is currently ranked by Wealth-X as the most desirable city in the world in which to purchase luxury property.
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