Up to now this has been an interesting year for the economy and housing market alike. Prime London residential had been slower due to stamp duty increases, plus the additional stamp duty levy for second home owners and buy-to-let investors introduced earlier this year. Now we wait to see how the impact of Brexit plays out, there is likely to be some uncertainty and hesitancy in the meantime. The summer is typically a quieter season for the residential markets in any case. The fall in the value of sterling has piqued interest from overseas investors who look to effectively secure a 10% discount or greater on current residential prices. In a similar vein whilst sentiment for commercial property funds was hit hard immediately following Brexit more recent anecdotal reports highlight private equity investors looking at the UK’s current market conditions favourably. Other opportunities set to emerge include possible discounting by residential developers on new homes and increased rental demand as potential purchasers adopt a temporary wait and see strategy. Price brackets will be affected in different ways; the sub £1million market has been less affected by stamp duty increases and shows resilience. It is still early to draw firm conclusions about the London property market but at Golden Venn we remain positive for the market and the opportunities emerging.
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