A London buying agent is forecasting that the Brexit vote will mean there will be “more and more would-be-buyers opting to rent” instead of buying in the capital, at least in the short term.
Jo Eccles of buying agency Sourcing Property says much of the high-end activity in the London sales market in recent months - characterised by high levels of uncertainty leading up to last Thursday’s poll - has been forced on sellers and buyers by divorce, schooling and employment.
“These buyers will not disappear, but we may see more and more would-be-buyers opting to rent in the short term to give them greater flexibility” she says.
“This has certainly been a growing trend over previous months, especially at the very high end of the market; it’s to be expected, as this is fairly predictable behaviour. When the buying market slows down, the rental market usually picks up, and vice versa” says Eccles.