Tue 06 Aug 2019
Paul Bennett, Director
The prime Central London property market is enjoying a snap renaissance, resulting in high volumes of international business keeping the Behr & Butchoff team on its toes. We are experiencing an influx of enquiries from around the globe in line with the fall in sterling’s value and wider political unrest. It means anyone thinking of selling or letting a property they own in the St John’s Wood, Little Venice, Regent’s Park or Marylebone areas will find an almost guaranteed audience waiting.
Behr & Butchoff’s Director, Paul Bennett, comments: “London is looking very reasonable at the top end of the market, even without the huge currency advantage, and with the pound so weak, international buyers are having their head’s turned. There are many investors around the world who are watching the pound’s performance on a daily – even hourly – basis and our ‘phones start ringing as soon as there is a dip.”
As well as currency volatility, political strife in Hong Kong is driving demand from the Far East, with a rising number of enquiries since the unrest. “Despite our own political upheaval, what is happening in Hong Kong makes our EU departure and new Prime Minister look small scale,” adds Paul. “London – especially its prime areas that never fall out of fashion – is looking secure in its ‘safe haven’ status.”
The capital is still a stable powerhouse when it comes to business, freedom of speech, justice and educational institutions, and it’s these cornerstones of society that appeal to global buyers and investors when they’re looking for investment opportunities.
Closer to home, it’s our own change of leadership, as well as speculation around a snap general election and a looming EU exit deadline, that is also fuelling the prime Central London lettings market. Behr & Butchoff is now working with a number of tenants who are opting to rent in London to ‘let the dust settle’ before they make any decision about purchasing; especially now there are no fees charged to start a tenancy.
“We always have an incredible stream of international tenants but competition is building with UK entrants now vying for the same properties,” says Paul. “We’re even seeing properties on the sales market being diverted to our lettings division on the strength of almost immediate lets – it’s proving to be a win-win climate for many looking to move in and around London.”
Behr & Butchoff can visit your property to give an accurate valuation and also advise on how much rent your property could achieve in the current market. Please book an appointment by contacting us today.