London estate agency Douglas & Gordon saw its deal numbers nearly triple in the week following the EU Referendum compared to the preceding seven days, according to trading figures released today.
The number of agreed sales also soared on the back of the Brexit result, increasing by 11% compared to a week earlier, when everything was on hold.
“Politically we may be in uncharted waters, however many of our clients who delayed listing their property until 24 June were simply waiting for a result one way or the other,” says the firm’s CEO James Evans. “London property transactions happen for a variety of reasons and our experience is that those who are wanting or needing to buy, sell, rent or let will continue to do so.’”
As reported on Monday, plummeting sterling values enticed overseas buyers to Britain with instant discounts on offer. At the current sterling/dollar exchange rate of US$1.31, property in London’s emerging prime areas is effectively 25% cheaper for US buyers than it was two years ago.
Douglas & Gordon offices reported interest from applicants based in Nigeria, USA, UAE, Russia and China – all of whom are buying in US$ and most of whom were interested in property priced between £1m and £2m.
Since the start of the year, Douglas & Gordon Corporate Services has received 24% more enquiries from relocation agents, reflecting a year-on-year increase in the number of corporations looking to move employees to London. Enquiry levels last week, following the Brexit result, were at their highest since the start of the year…
Vigorous interest from both buyers and tenants in the referendum aftermath follows a “remarkable increase” of more than 50% in the first half of 2016 compared to the same period in 2015, says D&G.