The Daily Mail has this week reported that they expect the property market to recover in the wake of Brexit. In a short article published on the 22nd January they had this to say;
“Property bosses have predicted the market will bounce back this year as the shape of Britain’s exit from the EU becomes clearer.
The founder of Galliard Homes and the Crown Estate’s Investment chief both predicted the London market in particular had bottomed out after a recent period of decline.
And estate agent Savills issued a bullish trading update, saying that last month’s Tory election victory had restored confidence and brought back overseas investors.
Stephen Conway, Galliard’s executive chairman, who is worth £338m, told trade publication Estates Gazette: ‘London always bounces. I have never known it not to, and we are just beginning to bounce’.
And in separate comments to the magazine, Crown Estate Investment officer Paul Clark said London have ‘trodden water since the referendum’ but he expected that trend to ‘reverse and the pricing gap between London, Paris, Amsterdam and Berlin to narrow’.
‘Almost whatever the landscape post Brexit, there is a considerable upside to the London office market and its fundamentals remain strong,’ Clark added.
Savills told investors that it expects its annual results in March to be at the upper end of expectations.”
The Daily Mail (2020). UK property bounce back. p.11.