Regardless of whom you read, Brexit is having a negative impact on central London housing. An October 17 European Union summit was presaged by European Council president Donald Tusk saying yesterday there is “no grounds for optimism” given the state of negotiations. Coupled with fresh inflation data, the pound was down again. Since the Brexit vote, the pound has almost exclusively traded +/-$1.30 where as it typically had ranged in the $1.50-$1.60 range previously.
Adding to the stress, in early October, two more large financial institutions announced plans to shift some London operations to Paris with whispers of more to follow. Financial services is one of the largest employers in London as well as one of the highest paid. Removing significant quantities of high earners will cause a glut in some price bands as relocated staff sell up for Gay Purr-ee.
During my London holiday, I was able to meet with a host of HGTV’s House Hunters International, Richard Blanco. A Spanish national growing up in the UK, Blanco was schooled in theater and dance – a story common to many real estate professionals whose early interests gave way to a profession in property. So far Blanco has chalked up over 30 House Hunters International episodes, including being the only presenter to work in multiple countries (eagle eyes have seen him in Spanish episodes). He’s currently a spokesperson for the UK’s National Landlords Association and is a regular commentator on various television shows – in fact, Blanco had popped into the BBC earlier in the day. For those wanting a regular dose of the London property market, Blanco produces a monthly podcast Inside Property. In his spare time, Blanco flips homes he buys at auction.