Brexit may trigger prime London slump – but not for ‘the global elite’

30 June 2016, Everything Overseas

“Areas such as Nine Elms in Vauxhall and Earls Court in west London are particularly vulnerable due to oversupply of expensive properties aimed at the overseas investor. However, there are a handful of stand-out developments – such as Television Centre – that we believe are likely to continue to prove popular, and there will certainly be bargains to be had, particularly on the secondary market” she says.

“The stock market has already heavily bid down builders linked to this part of the market, which is suffering from significant oversupply and the disappearance of the foreign investors who had supported it in recent years” Dell adds.

However, Black Brick expects the Super Prime market – which it describes as homes costing £15m to £20 or even more – to be the least negatively affected, with the collapse of the sterling meaning that dollar buyers are actually factoring in a 12.5 per cent increase in their purchasing power since before the poll.

“For the global elite buying properties at £15-20m or above, purchases tend to be about lifestyle choices rather than business decisions, or are to diversify extremely large portfolios. Indeed, we are still seeing transactions continue; Brexit did not feature in conversations with clients in this part of the market before the referendum, and it’s unlikely to be much of a factor now.”

 

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