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How Is London’s Real Estate Market Reacting to Brexit in 2018?


These are the global playgrounds of the super rich; the places where global business is centered, including New York City, Shanghai, Los Angeles (a recent addition to that list), and of course, London. Brexit aside, the London real estate market remains ...


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How is London real estate faring, in the wake of Brexit? Christian Vasile When the United Kingdom officially announced it would be leaving the European Union—much to the shock of the rest of the world—it raised a slew of questions surrounding the future of the British economyNaturally, some of those concerns focused on London’s booming real estate market. Many speculated that London’s long-established stance in the luxury market, for years a hotbed of some of the world’s most expensive residential property sales, would begin to rapidly decline“The worry is that major shifts in law-making, immigration, investment and trade could scare away buyers—especially wealthy foreigners,” CNN reported in September 2017However, in the months since Brexit passed, the future of London’s real estate market has grown increasingly more clearWhile findings indicate the market did, indeed, take a hit, London still remains one of the most desirable luxury real estate markets in the world“The doomsday scenario envisioned by some observers has failed to materialize, with initial price declines being limited to central neighborhoods that had been especially frothy,” that same article adds. And it makes sense, as there are a handful of designated markets worldwide in which the global elite choose to investThese are the global playgrounds of the super rich; the places where global business is centered, including New York City, Shanghai, Los Angeles (a recent addition to that list), and of course, LondonBrexit aside, the London real estate market remains one of the most solid and safe investments for parking large amounts of cashThe government appears to be stable and the city has the infrastructure, culture and industry to sustain itself as one of the world’s leading luxury marketsIt also speaks to a certain degree of status; it’s a place where wealthy buyers simply must own property if they wish to distinguish themselves among the world’s uber elite. gptadslots.push( { id: 'div-gpt-ad-1504728711207-0', slot: '/1008049/observer_article_instream_1', sizes: [ [ 300, 250 ] ], defaultSize: [ [ 300, 250 ] ] } ); While Brexit hasn’t exactly done wonders for Great Britain’s economy, the weakening sterling has created more interest among foreign buyers looking to break into the London marketRussian and Middle Eastern money continues to flow into London property, and brokerages remain optimisticSavills, one of the world’s largest international real estate brokerages, forecasts real estate prices in central London will increase by 21 percent between 2017 and 2021, along with a 15 percent rise in London’s prime outer boroughsOne recent example of the market’s strength is the sale of Hidden House, a newly-constructed home in the heart of London’s much-touted Notting Hill neighborhood, which sold over-asking with multiple offers for £22 million. “The right product is selling—and always will,” says Alasadair Pritchard, Partner at Knight Frank, a London-based estate agency and consultancy“The best addresses, built to the highest of standards, will always attract buyersThose who pre-empt the starting pistol will have already bought the best assets by the time May and Juncker shake hands on the final agreement.” Ultimately, no one likes uncertainty, particularly when it comes to buying real estateBut while nervous buyers sit on the sidelines waiting to make their next move, another camp of buyers, driven by the desire to take advantage of the weak sterling or looking for a safe haven for investment, are ready and willing to buy. SEE ALSO: Of Course You Can Use Bitcoin to Acquire Your Next Home More From Observer Of Course You Can Use Bitcoin to Acquire Your Next Home Million Dollar Listing SF Star: What to Expect in Real Estate for 2018 Can a Few Stunning Pieces of Art Sell a Pricey Apartment? Bowling Alleys and 33-Bedroom Estates: Palm Beach Properties for $100M and More Must Reads Observer Politics Entertainment Lifestyle Arts Health Contact About Newsletters Privacy Terms Powered by WordPress.com VIP We noticed you're using an ad blocker. We get it: you like to have control of your own internet experienceBut advertising revenue helps support our journalismTo read our full stories, please turn off your ad blocker.?We'd really appreciate it. How Do I Whitelist Observer? How Do I Whitelist Observer? Below are steps you can take in order to whitelist Observer.com on your browser: For Adblock: Click the AdBlock button on your browser and select Don't run on pages on this domain. 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gptadslots.push( { id: "div-gpt-ad-1491252311084-0", slot: "\/1008049\/observer_instream_leaderboard_6", sizes: [ [ 300, 250 ], [ 728, 90 ], [ 768, 90 ], [ 970, 90 ], [ 970, 250 ] ], defaultSize: [ [ 300, 250 ] ], sizeMapping: [ { browserSize: { width: 769, height: 0 }, adSizes: [ [ 728, 90 ], [ 768, 90 ] ] }, { browserSize: { width: 970, height: 0 }, adSizes: [ [ 728, 90 ], [ 970, 90 ], [ 970, 250 ] ] } ] }); /* How is London real estate faring, in the wake of Brexit?[\/caption]\r\n\r\nWhen the United Kingdom officially announced it would be leaving the European Union\u2014much to the shock of the rest of the world\u2014it raised a slew of questions surrounding the future of the British economyNaturally, some of those concerns focused on London\u2019s booming real estate market.\r\n\r\nMany speculated that London\u2019s long-established stance in the luxury market, for years a hotbed of some of the world\u2019s most expensive residential property sales, would begin to rapidly decline\"The worry is that major shifts in law-making, immigration, investment and trade could scare away buyers\u2014especially wealthy foreigners,\u201d CNN\u00a0reported in September 2017However, in the months since Brexit passed, the future of London\u2019s real estate market has grown increasingly more clearWhile findings indicate the market did, indeed, take a hit, London still remains one of the most desirable luxury real estate markets in the world\u201cThe doomsday scenario envisioned by some observers has failed to materialize, with initial price declines being limited to central neighborhoods that had been especially frothy,\u201d that same article adds.\r\n\r\nAnd it makes sense, as there are a handful of designated markets worldwide in which the global elite choose to investThese are the global playgrounds of the super rich; the places where global business is centered, including New York City, Shanghai, Los Angeles (a recent addition to that list), and of course, LondonBrexit aside, the London real estate market remains one of the most solid and safe\u00a0investments for parking\u00a0large amounts of cashThe government appears to be stable and the city has the infrastructure, culture and industry to sustain itself as one of the world\u2019s leading luxury marketsIt also speaks to a certain degree of status; it\u2019s a place where wealthy buyers simply must own property if they wish to distinguish themselves among the world\u2019s uber elite.\r\n\r\nWhile Brexit hasn\u2019t exactly done wonders for Great Britain\u2019s economy, the weakening sterling has created more interest among foreign buyers looking to break into the London marketRussian and Middle Eastern money continues to flow into London property, and brokerages remain optimisticSavills, one of the world\u2019s largest international real estate brokerages, forecasts real estate prices in central London will increase by 21 percent between 2017 and 2021, along with a 15 percent rise in London\u2019s prime outer\u00a0boroughsOne recent example of the market\u2019s strength is the sale of Hidden House,\u00a0a newly-constructed home in the heart of London\u2019s much-touted Notting Hill neighborhood, which sold over-asking with multiple offers for\u00a0\u00a322 million.\r\n\r\n\u201cThe right product is selling\u2014and always will,\"\u00a0says Alasadair Pritchard, Partner at Knight Frank, a London-based estate agency and consultancy\"The best addresses, built to the highest of standards, will always attract buyersThose who pre-empt the starting pistol will have already bought the best assets by the time May and Juncker shake hands on the final agreement.\u201d\r\n\r\nUltimately, no one likes uncertainty, particularly when it comes to buying real estateBut while nervous buyers sit on the sidelines waiting to make their next move, another camp of buyers, driven by the desire to take advantage of the weak sterling or looking for a safe haven for investment, are ready and willing to buy.","post_title":"How Is London's Real Estate Market Reacting to Brexit in 2018?","post_excerpt":"In the wake of an unsure future and in the midst of Brexit, how is London's real estate marking faring?","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"londons-real-estate-market-reacts-to-brexit-in-2018","to_ping":"","pinged":"","post_modified":"2018-02-08 11:00:23","post_modified_gmt":"2018-02-08 16:00:23","post_content_filtered":"","post_parent":0,"guid":"http:\/\/observer.com\/?p=1036795","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},"sonobi":""}; 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