You are here: Home - Mortgages - First Time Buyer - News -

Brexit vote ‘will not dampen prime London property market’

Prime central London property is predicted to benefit from the UK’s decision to leave the EU, a property investment firm has said.

Investors are expected to flock to the security of tangible assets as turbulence is reported in the financial markets following the shock result.

Naomi Heaton, chief executive of London Central Portfolio (LCP), said: “It is now likely that property prices in Prime Central London will increase. While LCP had originally predicted that this would not occur until 2017, the signs are that the re-entry of investors into the market will be more rapid than originally expected. LCP has received a stream of enquiries from the early hours of this morning.”

Heaton said prime central London will continue to be viewed as an ‘aspirational, cultural, and educational centre’.

She added: “They [investors] are reassured by its rule of law and unequivocal title to property when it comes to ownership. All factors unaffected by the UK vote to leave and which investors worldwide will continue to find attractive, even as the UK embarks on the path of being an independent power outside the European bloc.

“It is also worth noting that the EU has played only a limited role in attracting international capital to the London property market, with only 12% of buyers coming from Europe according to LCP’s research. In the unlikely event of a wholesale withdrawal of European buyers, there will be very little net effect on the market.”

LCP is predicting there will be a surge of new buyers, who have been poised on the sidelines awaiting the results. The firm has already received enquiries from Asian and Middle Eastern investors since the early hours of this morning.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Pension liberation scams cost millions: how to spot and safeguard your savings

More than £13m was lost to pension liberation scams in the 12 months to February 2016, official statistics show. Here’s...