Log In

Subscribe

PrimeResi is the journal of luxury property; the leading news, insight & opinion resource for the UK’s prime residential sector.

Published online daily, and in print quarterly.

Required reading for: luxury developers, buying agents & property finders, high-end estate agents,real estate investors,  and anyone professionally involved in the luxury property sector.

Find out more about monthly, annual and corporate subscription packages here.
 

Search Tools

Search by Article Type

Search by Location

Search by Month


Search Everything

Translate

PrimeResi Directory

Who to know; who to recommend; who to call...
A directory of the prime movers at the top of the property market.

Featured Listings

Showing 1 - 7 of 436 results

Visit the main Directory page here

Appointments

The home of luxury property careers

Latest Opportunities

RSS ____________________________

  • Property Manager/Administrator
    An exciting opportunity has become available at an upmarket boutique agency based in Knightsbridge, central London. The company specialises in the acquisition, refurbishment, lettings and management of luxury properties in Prime Central London, on behalf of international investment clients. Due to the continuing growth of the company, our client now requires a highly organised and
  • CEO
    We are looking for a CEO for our fast growing building contracting company called Vertigo Properties Located in Kensington and dealing with London Prime central areas The role: Day to day management of staff including project managers, accounts and labour manager Interaction with clients at marketing, execution and delivery stage Interaction with architects and other
  • Associate
    Knight Frank is looking to recruit an Associate (Head of Mid-market) to work in the Mayfair office. Full details and how to apply here
  • Head of Residential
    Savills is advertising for Head of Residential position in its Clitheroe office. Full details and how to apply here
  • Property Manager/Administrator
    We are seeking an experienced full-time Lettings Property Manager/Administrator to work in our busy independent office covering Kingston, Wimbledon, New Malden and Coombe.  We are looking for someone who is keen to help us expand the business and available to start immediately.  The role would include the following responsibilities: Dealing with property maintenance requirements Managing third
  • Assistant Manager
    KFH is recruiting for an experienced and competent Assistant Manager for its South Kensington sales office. Full details and how to apply here
  • Senior Sales position (Director/Associate Director level)
    Savills is recruiting for a Senior Sales position in its Guildford office. Full details an how to apply here
  • Senior Sales Negotiator
    Due to an internal promotion, an opportunity now exists for a Senior Sales Negotiator to join this leading brand in one of their Country Sales offices, covering Haslemere and the surrounding areas. Full details and how to apply here
  • Assistant Lettings Manager
    An excellent opportunity has become available at one of the UK’s largest independent and multi award winning property groups. The company is currently seeking an Assistant Lettings Manager to join their very busy and dynamic team in their exceedingly successful office in the centre of Richmond, Surrey. The successful candidate must have previous experience within
  • Sales Negotiator
    Winkworth (Notting Hill) are looking for an experienced Sales Negotiator to work in their exciting office. Full details and how to apply here

Free email newsletters

Please let us know which email address you would like newsletters to go to, and how often you would like to be kept updated.

* indicates required
Which newsletters would you like to receive?

Already signed-up? You can change your preferences by clicking the "Update your email newsletter preferences here" link at the bottom of the latest Bulletin or Briefing you received from PrimeResi.com. Or just put your email in again above and follow the links...

PrimeResi Quarterly Journal

The handbook of the luxury property industry

Click on the cover to find out more

PRQ7

Overseas investors swoop on London’s Brexit discount

Dollar and euro buyers are swooping on bargain (relatively speaking) London properties, as sterling’s value nosedives in the aftermath of Britain’s vote to leave the European Union. Read more...

Dollar and euro buyers are swooping on bargain (relatively speaking) London properties, as sterling’s value nosedives in the aftermath of Britain’s vote to leave the European Union.

While there’s a widely-held belief that house prices will drop as a result of Brexit (championed by the UK Treasury, among many others), dramatic currency movements on Friday – which have continued into this week – mean that opportunistic buyers with US dollars (and pegged currencies, such as Dubai’s dirham) were effectively handed a 7.5% discount on full-fat sterling prices on Results Day, while buyers with euros could snap up a 5.8% price cut. This, it seems, is enough for some investors willing to back London’s continued position as a global high net worth centre.

“Overseas investors will seize the opportunity to buy up housing stock in prime central London,” says Louisa Brodie, as her firm – Banda Property – reported taking a flurry of enquiries on Friday from “interested investors in the States, Europe, Africa and even the Far East, who are seeking long term property investments.”

Jake Russell of Chelsea estate agency Russell Simpson expects “a temporary spike in foreign investment into the UK, as investors take the opportunity to acquire property at a reduced cost”, while Chelsea-based buying agent Charles McDowell has reported doing a deal on Friday which saw the Italian buyer make a 12% saving on an £18m Belgravia house, with currency movements meaning the buyer “got an extra discount on top of a discount on the asking price.”

60-branch London estate agency Dexters (which has recently made a major move on the high-value space) reported agreeing “several dozen” sales on Friday, despite the shock Referendum result.

  • How GBP fell against USD after the Referendum result

Sterling Dollar Brexit

“We do we expect more interest and volumes from overseas buyers,” says Charles Curran of Chelsea agency Maskells, as Brexit’s “unwanted consequence” of sterling depreciation makes property “cheaper in net terms compensating for the high SDLT”. London became “an instant target for dollar buyers again” on Friday, said Athena Investors’ Camille Letuve.

“We have had some surprisingly upbeat news from our branches,” reported Hamptons International’s Residential Research Director Fionnuala Earley as two of the firm’s buyers from the continent upped offers on London properties, arguing that currency movements would more than compensate. “There is clearly some bargain-hunting going on among people looking to take advantage of the currency change,” says Earley.

Central London investment firm London Central Portfolio said it received “a stream of enquiries from the early hours” of Friday morning, as sterling tumbled against every other global currency.

Brexit is “a massive bonus for Asian investors who have slowed down buying due to the rising pound as the UK economy got better,” says Brett Alegre-Wood, founder of investment agency YPC Group, which specialises in Singapore-based buyers looking at London property. “Now they will get a once in a lifetime discount, but only for the next three months.” UAE-based newspaper The Khaleeji Times, meanwhile, ran with this  headline splash on Sunday: “Here’s your chance to hit home run in UK’s realty sector“.

“The vote for Brexit introduces some uncertainty into the market. In a backwards way, this could promote foreign property investment,” noted Charles Pittar, CEO of Chinese property portal Juwai.com. “If the pound loses ground on a sustained basis and domestic buyers drop out of the British property market, the results of the vote could lead to increased opportunities and a more appealing environment for foreign investors.”

UK property is now nearly a third cheaper for Middle Eastern buyers compared to 2007 levels, notes Cluttons’ Head of Research Faisal Durrani, and this currency shift may bring about the “unlocking of London’s stalled residential property market”. Sterling’s post-referendum tanking means that “any US dollar or UAE dirham investors will find the price of an average prime central London residential asset USD 96,000 (AED 350,000) less than it was on June 20,” says Durrani. “Gulf investors eyeing up a London residential asset will find it 31% cheaper than it was during the last market peak in Q3 2007, suggesting that we may be on the cusp of seeing a significant resumption in property investment activity in the British capital… particularly as global investors seek out safe haven assets such as gold and London’s bricks and mortar, which we expect will retain its appeal. The longer term implications are too early to assess, but we may start to see the unlocking of London’s stalled residential property market, with investors both exiting and entering the market as we head towards a period of demand volatility.”

International property marketing service Properstar has “recorded a 50% spike in searches for property in London” since the Brexit announcement, and MD Shameem Golamy says “we expect this to be a continuing trend, especially whilst conditions for international buyers look so favourable.” The international surge is “no surprise,” says Golamy, “when US buyers can now acquire UK property at a third less than a year ago.”

And it’s not just prime central London: Jackson-Stops’ Midhurst branch said it secured a £5m off-market deal in West Sussex within hours of the surprise Referendum result coming to light.

Of course the raging uncertainty that now presides over British (and EU) economics and politics means that many transactions have already fallen over, and there’s an expectation that many more “non-essential” property deals will evaporate in the coming months. Property Vision’s Roarie Scarisbrick says that his inbound calls on Friday were “50:50 between clients putting their searches on hold and those stepping them up.”

This uncertainty could – if some strong leadership does not emerge very quickly to confirm the UK’s continued place in the EU single market – be a long-term situation, as major employers – particularly in London’s financial services sector, which is the foundation of much of the capital’s prime residential sales and lettings markets – up sticks and move to more Europhilic bases.

Read more on what the prime residential property industry thinks about Brexit and the Referendum result on PrimeResi here.

 

Sections
- News -Editors' ChoiceHeadlinesThe Market
The Autumn Journal
Media Partner
SHARE THIS ARTICLE

MORE STORIES

PrimeResi Cookies Policy

Our website uses cookies to improve your experience. By continuing to use this site, you are essentially agreeing to this. Please visit our Terms & Conditions page for more information about cookies and how we use them.