Will Britain’s decision to stay out of the EU pact mean to the struggling UK property market?
The UK property market has been kept afloat by property investors seeking to put their money in a safe place as the Euro crisis worsened.
Last month, the number of properties ‘under offer’ rose by 21% compared to November last year. As a result, the overall total value of properties under offer also rose, by 19%, compared to the previous November. The number of properties under offer in November also rose on the previous month, by 9%. Other Estate agents have also been seeing frenetic activity that goes well beyond a normal boom.
There is always the last-minute dash to conclude sales before Christmas, however agents have noticed an increased level of inquiries from overseas buyers who are coming to the UK and London in particular, over the Christmas period to source properties.
The international interest in London property continues to boom and is anticipated to continue to grow in 2012. However, history shows that the property market can turn on a sixpence – or in this case, a euro.
No one knows what to make of it, although if Europe turned to dust, the London housing market would simply carry on booming.
What happened in Brussels last Friday could impact on the London property market, or Mr Cameron’s comments could have a wider impact on the UK property market.
It is possible that international buyers won’t like our attitude and will focus their attentions elsewhere, but the UK property market is still the safest place to invest, especially with the current Buy To Let Boom and strong rental yields.
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