“Bargain” multimillion-pound property snapped up by dollar buyers

With sterling sinking to a 28-month low, dollar-led buyers are snapping up London multimillion-pound property “bargains”, says Marcus Bradbury Ross of The London Resolution, a professional property company specialising in residential property acquisition for HNW and UHNW owner-occupiers and investors.

The London prime property market has shifted noticeably since the result of the Brexit referendum was announced three years ago.

Marcus Bradbury Ross has provided the following comment:

“British political uncertainty has no end in sight. This, along with a combination of other factors has considerably weakened the British pound. Against the stronger dollar, London property is perceivably better value than in previous years. Dollar-led buyers across the globe, in the Americas and the Far East are taking the place of mainstay European buyers.

“Traditionally our clients have been a range of UK or European citizens, be they investors or owner-occupiers. We’ve seen an increase in dollar-led buyers who have the whole of Europe to choose from, but are consistently preferring to buy in London because it’s a far more interesting, diverse place to live.

“London is welcoming to all people. No matter what you look like, your sexuality or your beliefs, as long as you play by our rules, you can make yourself at home.

“Historically, the UK has had decades of political stability. Despite current questions over Britain’s place in Europe, the thoroughly democratic UK will remain relatively stable in the foreseeable future. Plus, the transparent legal system makes it far simpler to purchase property in the UK than in other European countries.

“Affluent buyers are also taking advantage of London being the best-connected city in Europe – using their London pad to fly to Geneva, Paris and Monaco for example.  Once you’re in London you have the choice of Heathrow, Gatwick, City, Luton or Stansted airports to flight from – all highly accessible from Central London.

Additionally, one major change is that London prime property is no longer held just by the upper echelons.

“It’s not just UHNWI who are identifying London as the place to be. The market is changing from one led traditionally by UHNWI with budgets of £10million+ to people with budgets of £2-5million. More people than ever are considered affluent; they have considerable spending power and they’re choosing to spend it in London. When you consider the increase in the size of the global market of buyers, that’s when you have to sit up and take note.

“Globalisation has meant that someone with a couple of million in Hong Kong, for example is able to entertain the idea of owning a home in London. The world is smaller now thanks to more direct flights that span the globe.

“Where the UK is right now, and continued global geopolitical conditions, means London will continue to be a great place for dollar-led buyers to invest.

“But of course, being based in Asia or the Americas makes it hard for a buyer to understand the nuances of the London property market. London is exceptionally hard to navigate as it is made up of many individual London “villages”. Knowing which village is right for you and your family, whether it’s Chelsea or Marylebone that is in ascendancy or stagnation, which nearby tube stations add best value, where the best schools are, or even which side of the street is best to buy on, can mean a vast difference in terms of return on investment. That’s when you need an independent expert such as a good property buying agent on your side.”

"Bargain" multimillion-pound property snapped up by dollar buyers

The London Resolution – Marcus Bradbury Ross

 

Kindly shared by The London Resolution