Sunday, Mar 12, 2017
Damn that pesky Brexit
If the downturn in London property is because of Brexit .... then why is it happening everywhere? Manhattan, Los Angeles, Vancouver, Hong Kong, you name it....
The answer is it's nothing to do with Brexit! It's because of capital flight controls in China and all the other factors we know well: rising US Dollar interest rates, Russia sanctions, oil crash etc etc
But no doubt what's happening in London will be myopically attributed to Brexit. I read elsewhere that Nine Elms bee builds are being offered "cheap" but in reality even down 30% they are still expensive. Who are the buyers if offshore buyers can't cough up any more? The answer is onshore buyers, but only at prices they can afford and they are much lower... the market will clear but not up here.
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