In the lead up to the EU referendum, markets were strong, the drop in transactional volumes primarily down to lack of liquidity as opposed to waning investor appetite. Some market sectors were experiencing head winds with the absorption of higher stamp duty rates as well as concerns on rental growth in some sectors which would be hit by the rating revaluation.
The seismic shock of the Brexit vote brought transactional activity in many cases to a juddering halt, a pause at least to reconsider pricing as opposed to pulling out of deals. The much heralded run on the retail funds was headline news for several months, but after the shock, the realisation that “life in the property world goes on”, with all the retail funds now re-opened and trading.
Nationally, the markets continue to appear robust in all sectors, although there remains some hesitation on what Brexit will mean in the financial markets, around Biomed and also in an Agricultural market place without EU subsidies.
The sterling devaluation has made UK property very attractive for international investors pegged to the US dollar or euro, with activity in central London likely to be dominated by Asian investors, with American and pan-European investors also strong nationally.
In a world of uncertainty, it is more than ever important to seek expert opinions. I hope our experts’ “top picks” prove both interesting and accurate. I am sure they will!