Property predictions for West London following Brexit

Exploring the impact of the EU Referendum result on property markets in the capital

Despite clear support for the union in London, Scotland, and Northern Ireland, the majority vote finally landed with the Leave campaign. The effects on the economy are already being felt across financial markets and in exchange rates, but what are the implications of Brexit when it comes to property?

George Osborne initially warned of a potential 18% fall in prices in the event of a Brexit. The volatile state of markets in the immediate aftermath of the vote is likely to cause nervous buyers to hold back and wait out the storm. This lack of activity could prompt a fall in demand, resulting in a dip in prices. However, foreign buyers in Asia could potentially inject value back into the London market, particularly if the pound takes a long time to recover.

There is a concern that less affordable homes will be built as a result of the impact on interest rates and the nervousness of both banks and purchasers. However, the London market has always been very self-sustaining and has every chance of bouncing back once the market begins to stabilise.

Letting agents appear to be expecting a fall in the number of prospective tenants for rental property. This is unlikely to affect rental prices initially, but many agents have predicted the Brexit result to cause a spike in rental costs in the long term.

Horton and Garton has watched the market in Hammersmith and Fulham closely for the last 20 years and our agents are passionate about West London. Anyone looking for specialist local advice on post-Brexit property investment, buying, selling or renting, in the Hammersmith area is encouraged to visit us for a consultation.