Paris Takes Top Spot
If you’re looking for a London property consultant able to deliver a first rate service based on a combination of customer care and market knowledge then Irvine and Cole represents the ideal choice. We’re London property buying agents with the experience, know-how and instincts required to undertake property consultation in London at the highest level.
A large part of our excellence stems from our ability to remain fully aware, at all times, of the wider trends acting upon the property market both in London and the rest of the world. The recent slump in the value of the pound, for example, has made investing in London property more desirable for people from overseas, whilst the uncertainty stemming from the recent Brexit vote has had knock on effects both in London and other parts of the UK.
The ‘cooling’ effect of the Brexit vote on the property market – which had been much predicted prior to the result – appeared to be making itself felt somewhat according to the results of a survey carried out by the American investment firm La Salle. According to this survey, London has been knocked off its position as the leading property hot spot in Europe for the first time in 4 years, with Paris taking its place. London still occupies second place in the La Salle rankings, thanks to an underlying financial strength, based on a diverse economy and large pool of labour.
According to the survey, other cities in the UK may not prove to be quite so resilient. The authors predict that the property markets in places such as Manchester and Birmingham will suffer more than those in London as large companies put hiring on hold whilst the uncertainty around Brexit is still in place.
The fact that Paris had managed to top the rankings for the first time in four years was, at least in part, explained by labour reforms which have helped to reduce unemployment and boost consumer demand. This, in turn, has helped to fuel a more vibrant property market.
According to the survey, other cities which moved up the rankings included Munich and Madrid, whilst Dublin moved up an impressive 5 places to occupy the 7th position, its fortunes boosted by a belief that it may represent a long term bridge to the EU in the event of a harder UK Brexit.
What all of this means for the average person or person looking into London property acquisitions remains to be seen. Whilst demand continues to outstrip supply to the degree which it currently does – and the demand from overseas buyers is, if anything, on the rise – it seems certain that any cooling effect of Brexit will be largely outweighed by the wider appeal of the capital. What we can predict with certainty is that Irvine and Cole will remain the wisest choice for anyone seeking assistance sourcing London off market property. Our knowledge of the city itself is matched by our wider understanding of property market forces, and we bring all of this to bear on behalf of each and every client we deal with.
