Posted on 10 February 2017
International interest in the London property is expected to be driven by the weak pound during 2017, countering any negative sentiment about Brexit, according to leading estate agents in the UK capital.
London is regarded as stable and resilient, and estate agents are finding that cash-rich buyers from Europe, the USA and Asia are opting to purchase property in London for its safe haven benefits, especially as other countries experience turbulent political conditions.
This is despite the economic uncertainty surrounding the UK leaving the European Union. In line with confidence in the London property market, trends for localisation depending on nationality are emerging with certain pockets of the city proving especially popular in 2017.
One example, is a recent flurry of Italian interest in Earl’s Court. Meanwhile, Brook Green and Fulham both remain popular among the French community, although there has been a rise in interest there from buyers with American dollars – namely, from the Far East and America, often at the higher end of the market.
Elsewhere, Shoreditch and the City have become favourites with buyers at the higher end of the market who seek unique properties such as warehouse conversions. Super-prime pockets such as Mayfair and Chelsea are continuing to enjoy immense enthusiasm from foreign buyers, though there it has remained ‘par for the course’ and more constant.
Certain places, however, continue to remain popular among domestic buyers, like Clapham and the surrounding area, and in the north-west in Camden, Queen’s Park and Tufnell Park. These areas on the peripherals of prime central London are typically attractive to families, for their village atmospheres and excellent local schools.