LONDON: Property pundits have forecast there could be greater demand for UK housing from US and other international buyers following Trump’s election victory. While some have argued that global stock market volatility on the back of the Republican’s win could dent the confidence of UK homebuyers, others suggest that US citizens looking to move to Britain could boost demand for homes, particularly in London. On top of this, some have predicted that international investors looking for a safe haven for their cash might be more inclined to buy property in the UK rather than the US following the election result.
Banda Property head of search and acquisitions Louisa Brodie says: “Following this morning’s shock result in the US, London is waiting to assess what Donald Trump’s victory really means. “With global stock markets currently in turmoil and the weakening of the US dollar, Central London’s property market is going to look increasingly attractive to those who fear the Trump effect. “We are likely to see US citizens, perhaps most of all those wealthy elite who were most offended by his campaign tactics, move to the UK now that the reality of the voters’ decision is sinking in.
“After a viciously fought campaign that has not endeared him to many around the world, particularly the Middle Eastern markets, London may now appear a far more attractive option to these buyers who had previously considered buying in the US. “Banda has already seen an increase in US dollar buyers in Central London since the Brexit vote in June and now we are going to see more Americans considering a move to London in the aftermath of today’s result.
“The recent fall in the value of sterling means there are even more attractive options available in the London market for buyers from across the Atlantic.” Stirling Ackroyd head of residential development Nick Davies adds: “For Americans terrified of Trump, it’s worth considering a move to London. “The recent fall in the value of the pound against the dollar means there are great deals available in the London market for buyers from across the Atlantic. “While the Capital’s house prices have risen 13 per cent year-on-year for domestic buyers, those using the dollar will find homes in London are almost 10 per cent cheaper than a year ago.”