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 Plaza Estates Market Comments 2016

Plaza Estates Market Comments 2016

By Eitan Fox  //  Fri 29th July 2016
With the EU Referendum behind us and the unexpected result which saw the country vote 52% to 48% in favour of leaving the EU


Plaza Estates Market Comments
Summer 2016 by Eitan Fox tel: 207 581 7646

With the EU Referendum behind us and the unexpected result which saw the country vote 52% to 48% in favour of leaving the EU. This resulted in the resignation of the Prime Minister David Cameron and the overwhelming vote from the Conservative Party to promote Theresa May as the new Prime Minister together with a new look cabinet.
With change comes fresh starts and opportunity. The sentiment from people in the property industry is that whilst there will be a correction in the market place, ultimately this will rejuvenate and bring greater life, movement and longevity to a market that had stagnated.
With the Sterling weakening post “Brexit” against other overseas currencies this will prove an attractive lure for investors globally.
The challenge ahead will be to manage their expectations and those of the vendors.
We have experienced this first hand after agreeing a number of deals post the EU referendum and receiving many offers from fresh new applicants. Sadly we could not bridge the gap between the vendors and applicants expectations on all the offers.
However, the indication and sentiment is that people feel that some of the uncertainty has been removed and that a clearer picture is emerging.
No doubt the decision of the United Kingdom to leave the EU will not be without its blips but life goes on. The prime Central London market will remain resilient.
It is easy to look inward but the truth is politically and economically the United Kingdom is in far better shape than the majority of other countries. Only recently it has emerged that Italy’s banking system may be in crises and together with the security issues throughout Europe, we are confident that prime Central London will remain the go to ‘safe haven’ to buy residential property as people need to invest their money into assets in a market which has proven itself long term.