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London Property Sales Explode in Days following Referendum

London Property Sales Explode in Days following Referendum

In the wake of the historical Brexit vote which took place on June 23rd, uncertainty spread throughout the UK housing market. This led to many close to the market unsure of what would happen to house prices, house sales, and house demand in general. Sales of property within the city limits of London have surprised many by exceeding most expectations. In fact, during the week following the vote sales were up almost 40% according to recently released data from Knight Frank.

As news of the vote reached media sources, value of the pound quickly spiraled downward. This created a group of foreign investors who were once again interested in investing in UK property. Sales in London property in particular took off.

Liam Bailey of Knight Frank commented on the drop in pound value and the resulting surge in property sales, saying: "We saw a definite uptick."

Bailey added: "Our Hong Kong investors especially tell us they see currency opportunity.

"And we certainly are seeing a scattering of sales because of the currency movement."

Many experts are awaiting the days ahead to see more impact from the referendum. One sector which continues to steamroll ahead without looking back is the remortgage sector.

Thousands of home owners are taking advantage of multiple benefits a remortgage can provide. Lenders are offering attractive deals with low interest rates and administrative costs which are sometimes free of charge.

Housing demand was expected to fall through the Brexit vote post days, but has surprised many and been quite strong.

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