SALES NICK MOORE, associate at Knight Frank Islington, comments on the trends in the residential sales market
T
he UK’s vote to leave the EU at the end of June has inevitably had far-reaching consequences both politically and economically, many of which have led to uncertainty in the property market. The sharp fall in the value of the pound immediately following the result and the subsequent fall in the FTSE 100 and 250 made many buyers nervous; however, in the weeks that have passed since the vote was cast, green shoots have started to emerge with many buyers adopting the attitude that ‘life goes on’ as they resume their search for a new property – albeit with a little more caution than they may have exercised earlier in the year. I think it’s still too early to tell the longer term effect that the decision to leave the EU will have on the London property market and it will undoubtedly take some time for the dust to settle, however, the fundamental supply and demand dynamics of the
PROPERTY “After the initial shock of the referendum result, I am now excited about the encouraging long term prospects for the UK’s housing market and its investors. It is going to seem like a helter-skelter for all markets for the next few months, but the medium and long-term prospects for UK residential property remain strong.” – Managing Director of property consultancy Surrenden Invest
Continued low interest rates and a weakening pound are likely to encourage demand UK market are unlikely to change. The continued undersupply of homes, balanced against current demand, will likely underpin pricing in the most desirable and best connected areas. Continued low interest rates and a weakening pound are likely to encourage demand especially from investors based outside of the UK and should help to restore confidence as the summer progresses. The underlying strengths of the UK economy remain in place and ultimately property is an investment with a proven track record for anyone with long-term investment goals. With a new Prime Minister in place, a pound that is starting to strengthen once more and markets that are starting to rally, the picture is far more rosy than we were led to believe that it might be.
Knight Frank Islington 020 3657 7340 knightfrank.co.uk
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