With the announcement of the tentative timescale for Brexit made on the 04th of this month, the pound once more plummeted to a new low – hitting a value of $1.2836 against the dollar. However, whilst questions continue to swirl in relation to property and the future impact of Brexit, we should seek solace in what statistics may tell us.
It’s well worth noting that, since the initial shock referendum result hit the headlines, both the South West London and the Surrey market have each experienced properties that have only decreased by negligible values (with South West London properties falling in value by £8,958, or 0.89%; and Surrey properties falling in value by £2,840, or 0.28% [Zoopla]).
In short, either of these changes are insignificant – and despite much fear outlined previous to the referendum that the property market would collapse it seems, in some instances, we’re seeing anything but. Indeed, London and the surrounding areas continues to experience an uprising in investor attention, as rumours continue to increase that Brexit will ultimately mean a tightening up on regulation and the potential for overseas properties investors. Some media outlets are reporting property businesses to have recorded a rise of as much as 50% from foreign interest (The Evening Standard).