Post-Brexit, pre-Article 50: The state of London
The United Kingdom’s decision to leave the European Union on 23 June sent shockwaves across the world and its impact was acutely felt in the nation’s property market. The dramatic result’s initial effect on the pound sterling, the stock market, financial services, property funds and manufacturing industries seemed to confirm fears that the United Kingdom was headed for a property crash akin to that of 2008.
In the months following the referendum, London residential property has felt the effects of Brexit more acutely than other parts of the United Kingdom, but despite this the market has been performing unexpectedly normally. The slowdown has not been as dramatic as many predicted, although transaction levels have reduced. Some may be quick to attribute this fall to the turmoil caused by the referendum. However, this overlooks other important contributory factors.
Firstly, the referendum coincided with a traditionally quie