Comment on Overseas Buyers and the Value of the Pound
Tue 17 Jan 2017
Liza-Jane Kelly, Marsh & Parsons Sales Director, comments:
“There is no disputing that the current value of the pound presents a fantastic opportunity for overseas buyers. London has long been a coveted destination for foreign buyers who view owning property here as a solid investment that delivers exceptional returns.
“Despite the economic uncertainty surrounding Brexit, confidence in London property from abroad remains high. It is largely regarded as stable and resilient, especially compared to other European markets. We are finding that cash-rich buyers from those countries are opting to purchase property in London instead. For example, we’ve seen a flurry of Italian interest in Earl’s Court.
“International interest is typically centred around particular locations within London. In Kensington, we’ve noted a marked increase in enquiries from foreign buyers. In fact, the final three sales here last year were to buyers based in Monaco, China and Brazil. Brook Green and Fulham both remain popular among the French community, although we’ve also seen an increase from those buying in American dollars – from the Far East and America, often at the higher end of the market. We can also attribute many of our sales in Shoreditch and the City, to buyers at the higher end who seek unique properties like warehouse conversions. Super-prime pockets such as Mayfair and Chelsea are continuing to enjoy immense enthusiasm from foreign buyers, though here 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.”