Foreign spending in London property high after Brexit

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As the Pound dropped in the face of relatively strong Dollars and Euros, the London property market saw more foreign spending seeking as much as 15% discount in London suburbs.

Affected properties include those intended to reduce first-time buyer queues, with lower stamp duty taxes in the outer zones

Landlords from outside the UK are fiercely competing for the pockets of untapped cheap house deals still left in London.

Spreading investment money on more cheaper houses could save up to another 12% with current stamp duty taxes.

Results from the EU referendum have lead to this short window of opportunity in the housing market.

Half of central London’s prime property is already owned by international investors.

Some of these locations are close to the newly introduced night tube stations.

David Adams, managing director of Mayfair agents John Taylor Estate, said “The London sale is on to foreigners. It’s not on to the English — they continue to sit on their hands and say, ‘David, it’s not a good time to trade.’”

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