Investing in London properties
Owning property in London is a good investment, and while housing prices are subject to fluctuations, a London property traditionally very strong, and up until recently the London housing ladder was a difficult one to get onto.
Until the referendum, UK house prices had been reported to be growing 0.2% each month, and prospects were looking good for those selling property.
An opportunity in the housing market
But the referendum has created an opportunity in the housing market, opening the door to lower prices and less competition on purchases.
It seems then that domestic buyers are cautious right now, making room for overseas buyers to invest in lower priced London property.
Though some suggest that this window of opportunity will eventually close and as property prices drop with the pound, these low prices will attract many more foreign buyers, eventually increasing demand again and thus upping the prices once more.
In addition, the Governor of the Bank of England, Mark Carney, has just hinted that lending rates will drop even further than its already historical all-time low figure of 0.5%. This will encourage more people onto the housing ladder, and increase the demand for property once again.
While this is all just speculation, it seems that now is a fantastic time to invest in the English housing market, and with the future of UK property prices unclear, we may not have another price slump like this for decades to come.
To discuss investing in a property in London following Brexit and to see what our conveyancing experts can do to make the process a little easier, call one of our solicitors on xxxxxx.