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Property bodies predict London market will be boosted by triggering of Article 50

A number of prominent property bodies and commentators have suggested that values in Central London and across the rest of the UK will be boosted by the Government’s triggering of Article 50 this afternoon.

Reports suggest that industry experts such as Savills, Haart and Countrywide all have high hopes for the London market.

Meanwhile, a far-reaching YouGov poll has revealed that almost half (43 per cent) of people living in the City of London agree that UK property prices will rise as a direct result of today’s historical event.

Paul Smith, CEO of Haart, said: “The triggering of Article 50 should come as a sigh of relief to the residential property market, as the Government finally provides certainty that its plan for leaving the EU cannot be derailed”.

James Evans, CEO of Douglas & Gordon, added that the triggering of Article 50 would go a long way to give the market “another little boost of stability,” while Countrywide chief economist Fionnuala Early suggested that house prices would “continue to grow in London”.

Meanwhile, Jonathan Hudson, of the National Association of Estate Agents, said that prime Central London property would remain relatively unaffected by the decision.

He said: “With all events like this a few buyers and investors may sit on their hands to see if anything changes but the smart money will continue to invest in Central London, especially overseas buyers making the most of the weakened pound and the discounts this provides”.

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ELS Legal is an international law firm based in London with more than 50 partner offices across the world. As part of the Cathay Associates global legal network, we are the first choice law firm for a number of British businesses and overseas clients.

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