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On June 2016, the citizens of the UK and Northern Ireland voted to leave the European Union. Politicians and Economists from around the world termed this referendum as Brexit. The property experts from all over the world said that this referendum will prove catastrophic for Britain and could hit the property market badly. But after 100 days of Brexit, the property market in the UK is still in good condition. However, foreign investors prefer investing in regional property over London from some time.
The price of the property– After eight months of Brexit, the property has slowed down to 5.3% and the property market in London is passing from a bad phase.
However, devaluation in the pound and lower interest rates are encouraging the foreign investors to invest in the regional property in a city like Manchester, Leeds and Birmingham.
Where the price of the property is relatively high in London and do not ensure a healthy ROI ( return on investment), the same price of the property in cities like Southampton and Wigan is relatively much lower than capital and ensure a strong ROI ( return on investment).
The condition of the property market -“ According to the research done by Chinese website Juwai.com it is found that the property market in the London is declining gradually and the market is not as fluid as it was in 2014. But in cities like Manchester and Leeds, the condition of the property is getting better. The economy of Manchester has doubled in size and it is expected that foreign investment in the regional market in the city will grow to 6.03% by 2019.
Tourism– After Brexit, tourism in London also got affected badly.
Where London Olympic in 2012, helped the British economy to come out of the recession, the same after Brexit the tourism industry in London has to encounter a massive loss.
If we talk about a city like Manchester, the city has seen a 33% rise in visitors after Brexit.
Useful Resources for people who are travelling in London and Manchester:
Job opportunity– London also encountered extreme financial crisis after Brexit. Where more than ten thousand people lost their job in London, the same the northern powerhouse in Manchester has created more than 8000 new jobs.
The Bottom Line– Above four points are sufficient to prove why foreign investors are not investing in London, instead, they are investing in cities like Leeds, Manchester, Southhampton and Liverpool. The property market is volatile, no matter whether you are investing in London or somewhere else. So it is advisable that go through all terms and conditions related to property and law about the country carefully to avoid any loss in future.