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Trump Win Could Boost Prime Central London Property Market
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Yesterday’s Trump win in the US presidential election could provide a welcome boost to the prime central London property market, according to recent research.
The latest study by online estate agent eMoov.co.uk found that demand in the prime central London property market has risen by 11% since August, now standing at an average of 10%.
Trump Win Could Boost Prime Central London Property Market
Trump’s surprising victory could further this apparent resurgence in the prime central London property market, as Americans may begin to look across the pond at potential investment opportunities.
eMoov’s Prime Central London Property Index records the change in supply and demand for properties worth over £1m across the capital’s most prestigious areas, by monitoring the total number of homes sold in comparison to those on the market on the major online property portals.
Following June’s Brexit vote, the prime central London property market took a turn for the worst, slumping to the lowest demand levels on the agent’s records. However, this initial scare appears to have passed, as the market starts to find its feet again.
It is widely believed that this week’s Trump win could deliver a further boost to these areas, and could see them return to their former glory.
Chiswick is currently the most in-demand area of prime central London, at 24%, up by a huge 62% since August – the second largest increase of all the locations included in the report.
Islington, at 16%, Belsize Park, at 13%, Notting Hill, at 12%, Holland Park, at 12%, Fulham, at 12%, and Maida Vale, at 10%, are the only other prime central London areas enjoying double-digit demand. However, other than Fulham, which has seen a rise of 37%, all have experienced a drop in demand since August, along with five other locations.
Demand for homes in Mayfair has dropped by 5% since August, and is currently the coldest spot in prime central London for property demand, at just 3%.
Alongside Chiswick and Fulham, four other areas have experienced an uplift in demand. Belgravia has seen the greatest increase of all prime central London locations, at 76%. Fitzrovia, at 49%, is the third largest rise, behind Chiswick.
Kensington, at 13%, and Chelsea, at 3%, trail behind Fulham as the only other areas to have experienced an increase in buyer demand.
The Founder and CEO of eMoov, Russell Quirk, comments on the report: “Today we’ve seen another historic and unexpected turn of events where the voting public is concerned. The decision to leave the EU back in June sent panic reverberating across the top end London market, and we saw buyer demand drop to its lowest level on record.
“Since then, the market has begun to find its feet again, and we’ve seen the slight green shoots of a prime central market sprout from the rubble. Ironically, it could be this second political vote that helps bolster demand in London’s top tier market and help grow these initial shoots further.”
But will Americans really decide to flee the US now that Trump is president? We explore the possibilities: /will-americans-flee-uk-trump-president/
