London real estate will remain attractive regardless of the outcome of the referendum

Luxury properties in London is likely to retain their appeal no matter what the outcome of the referendum on the British exit from the European Union.

It is not excluded that the prices of property in the UK might be mitigated in April, when the down pressure in the market from buyers who are trying to jump on the bandwagon and buy a second property at no extra Stamp duty of 3%.

However Brexit (a term coined by the British to designate the British exit from the EU) that has not yet happened, has already had an impact on the market of real estate of great Britain. The very prospect of a referendum put pressure on the British pound and the pound in the two months since the end of December 2015 has depreciated against the dollar by 6%. Over the last 18 month the pound has lost about 20% regarding green buck. As a result, the attraction of UK property for people who receive income in U.S. dollars, increased significantly. For example, in Listbridge, where prices in pounds fell by about 7%-7,5% in 18 months, in dollar terms, the price drop was 25%, which undoubtedly attracts foreign investors.

Camilla Dell, managing partner of real estate Agency Black Brick believes that London will retain its attraction as a global investment center in any case, regardless of out the UK from the EU or not. The geographical attractiveness of London, the legal system, rich cultural life, concentration of talent, all of this is a basis on which to build the popularity of London as a financial, legal, and cultural capital of the world.

Only a few weeks left before the introduction of new rules of Stamp duty on the market and there is a stir. After the first of April passions will settle and the market of Prime London property will go to normal.

® Helen Entree. G. 03.03.2016

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