July 1, 2016
Such information shared David Adams, managing Director of Luxury Estate Agency John Taylor in London. "The results of the vote came as a shock. But customers 'response was equally surprising," says David. - On Friday I had so many phone calls from the Middle East as there was in my entire career."
The weak pound has made British property more affordable for foreign buyers. Since the national currency has depreciated by 10% against the dollar, for investors now is more important the speed of the transaction, not the price.
The consequences of the referendum for the British real estate market are still uncertain. Due to the government policy, until June 2016, the market was undergoing a mild recession. A series of increases in tax rates in 2014 has led to lower sales volumes in Central London by 50%. Prices during 2015 and beginning of 2016 decreased by 15%.
According to Adams, if the UK would remain in the EU, square footage have fallen in price by 5%. As for the markets of continental Europe, the impact of Brexit is likely to be felt only in the medium and long term.
Based on the materials of john-taylor.com