Uncertainty can be the catalyst for opportunity, especially for those savvy enough to see through the various externalities that the UK faces in an uncertain global economic climate.
Property professionals across the UK are urging the wider economy to focus on the positive opportunities that Brexit presents. With 28% of UK commercial real estate investments being from foreign investors, it is vital that we must maintain this attraction of UK property.
This market is being helped by the currency window that Brexit opens, whereby foreign investors can take advantage of currency pair fluctuations and, in effect, make considerable savings on their investments of up to 20%. This attraction should help support values and continue to support this substantial driver within the UK commercial property market.
Volatility, uncertainty, Trump, Brexit, have all been focus points for senior members of the quoted real estate firms, and thus it would be prudent to assume that they are well placed to address the many challenges that will face what is to come. We have even seen some of the luxury housebuilders, such as the Berkeley Group, opening up divisions in the Midlands and further North to further diversify their land bank and benefit from the increasing prosperity of provincial Britain.
Further, the City & Westminster Property Associations, speaking on behalf of London’s biggest real estate companies, have released a manifesto which outlined their view on how to ensure that London remains globally competitive following Brexit.
The manifesto is aimed at the government, and if listened to, it could encourage certain economic stimulus such as the bringing forward of Crossrail 2. Let’s see if they listen…
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