James Pendleton is an amazing company. They have been a big part of me winning a bronze medal in Rio 2016 and have been so supportive with all my achievements, which wouldn't have been possible without them. They have given me so many opportunities, I am privileged to be associated with such fantastic people who give so much back to the local community.
Having recently rented my property through James Pendelton, I can't recommend them highly enough. They walked me through the process and found me amazing tenants. From the first contact they were professional and informative. Thank you to Jacob, you were amazing. Thank you also to the Angel Department who, after realising I needed safely certificates, sorted everything out for me and made sure I had everything in order.
The EU Referendum Result
After an intense few months of campaigning the Brexit debate has come to an end. The results are in and the Leave campaign has emerged victorious with 52% of the vote. In this article we will be discussing what this long-awaited result will mean for our clients and the property market.
It is of course difficult to predict what effect (if any) the Brexit decision will have on house prices in the UK. However, in our opinion, it seems unlikely that prices will change a great deal - the London housing market in particular is strengthened by investment from inside and outside the EU, and leaving simply means a readjustment to how and with whom property sales are negotiated. This readjustment period will of course take time, but levels of interest in London property will remain high, so any decrease in house prices will be slight and temporary.
The performance of the market relies on confidence, and with clear plans to make stronger and more profitable connections to the Commonwealth countries and the emerging superpowers such as China and India, there is plenty to be positive about with regard to new developments in an already healthy market. If prices do experience a drop then leading economists have predicted a fall of around 8-10%. In this case we should see increased movement in the market from first time buyers.
The Brexit will cause a shift in the way the UK construction industry is organised. However plans to adapt to this new environment are already underway which will mean that any upheaval will be smoothed out within a few months. Property in London is extremely sought after by overseas buyers out with the EU borders who's investment choices will be unaffected by the Brexit decision. Leaving the EU may well make connections more favourable for these buyers, leading to more construction and investment. There are concerns leaving the EU will result in a shortage of construction workers but with the UK's strong connections to countries outside the EU this will be quickly resolved.
First Time Buyers
If property values do decrease as a result of Brexit, First Time Buyers will benefit from easier access to the property market; this would be good news for those looking to join the property ladder.
The Rental Market
Britain leaving the EU will lead to a reassessment of immigration rules which could lead to a re-balance of the current tenant demographic. International tenants make up 37% of all tenants in London with around 10% of the Capital's population coming from EU countries. If some of this population leaves, the price of rental properties looks likely to decrease as competition decreases. However, as with sales, the existing strength and international aspect of the rental market will remain in place.
One thing is for certain when it comes to the market going forward - there will be changes. In light of this, it's important that if you are looking to buy, sell, rent or let property in London you need to work with a reliable and well informed estate agent. Our team have worked in London for over a decade and understand the city better than most - If you're interested in London property or would like to talk to us in more depth about the Brexit then please get in touch today.