Report: How Safe is post-Brexit London?
On the 28th March 2017, Britain voted to leave the EU which triggered Article 50. Essentially, Article 50 of the Treaty of Lisbon gives any European country the right to quit, whilst outlining the correct procedure to do so.
Here we are two years later, and the UK has exactly two months to ensure a referendum is agreed upon between The UK and the European Union.
We’ve compiled a rather thorough ‘Post-Brexit Report’ outlining the national impact Brexit attained, as well as where the current property market conditions stand.
The 17 million people who originally supported Theresa May’s Brexit campaign soon felt the impact when the pound dropped to a 31 year low.
Since Brexit, one thing is for sure; although the current property industry is challenging and uncertain due to house prices falling, as stated by the Royal Institution of Chartered Surveyors, London’s remained resilient to the change and has attracted domestic and overseas investment.
In fact, LiFE experienced their busiest property lettings period post-Brexit in 2017 with 2265 properties let. We managed to increase our turnover from 17% in 2016 to 19% in 2017, indicating long-term capital growth within central and greater London.
As the value of Britain’s sterling decreased between 15-20%, foreign investors were able to invest in a property with a large discount, making the capital, a prime hotspot for property investment.
Forecasted by London Evening Standard, 2019 appears to remain flat with property prices, however prices will grow a considerable amount 7% by 2022.
Ultimately, Brexit has provided many individuals the opportunity to experience London Lifestyle at an affordable price, as well as industries such as banking and finance to blossom.