Surveys show how those working in commercial property are preparing for a slight downturn. Experts from the Royal Institute of Chartered Surveyors have claimed that in their opinion, ‘property brokers are expecting real estate values and rents to fall as investors and companies turn cautious following Britain’s vote to leave the European Union.’
However, it’s quite a different story for residential property across the UK. Many have claimed that there will be a downturn in the market and activity will slow down, yet London residential property prices are actually on the rise.
Many foreign investors are taking advantage of a weak pound and are channeling their money into both prime and suburban real estate.
One of the most astonishing examples of price increases concerns a 12-bedroom apartment which is located in the Admiralty Arch building and has been put on the market for just under £200,000,000.
As a recent article in the Huffington Post stated, ‘many prognosticators said London’s property market, a favourite target for wealthy foreign investors and jet-setters looking for a second home, would see a major slump after the Brexit vote. Yet so far, the opposite has happened.’
It’s the same story for outer London which currently boasts several real estate hotspots. At Inspired, we have focused largely on Croydon, as well as other high-growth locations including Sutton, Epsom, and Chertsey.
Croydon in particular has become increasingly popular with young professionals, meaning that there are large investment opportunities to either flip a project or simply grow a buy-to-let portfolio.
Affordability has ensured the surge in demand for residential properties in the borough, as well as superb transport links and a large number or regeneration schemes.
Although Croydon boasts a diverse housing market, we specialise in building new apartments which are perfectly suited to young working professionals and first-time buyers.
Overall, the reduction in value of the British pound following Brexit has made London real estate much cheaper from the perspective of foreign buyers, and sales in the city have jumped roughly 38 per cent since June, so now really isn’t the time to miss out. Our units start at less than £200,000.
To find out more, please contact the team on 020 7495 0523