Following the result of the EU referendum it is too soon to predict how the London property market will respond but evidence suggests that UK buyers will tread cautiously until the dust settles. Experts believe there will be a softening of house price growth although this could of course benefit stretched first time buyers. Conversely, for overseas buyers BREXIT may present an opportunity to capitalise on the tumbling pound.
Some experts have also speculated that mortgage rates will come down due to the fall in gilt yields, which would reduce the cost to lenders of their longer term funding and in turn make it possible for them to offer lower rates.
We are in unchartered territory and in the absence of a crystal ball, we will just have to wait and see what happens.
