Most pre-Referendum fears regarding the London property market have proved unfounded. As Dexters predicted, demand is strong from both local and foreign buyers, buyers are jumping in where they see good value, good locations or both and investors are still out in force.
The housing market is strong and both enquiries and mortgage approvals have strongly picked up following the leave result.
Official figures reveal a rise in mortgage approvals for only the second time since February. Figures from the Bank of England show that there were 62,932 mortgage approvals in September, which was the highest level since June’s figure of 64,484. Before the referendum the government warned that a vote to leave the EU could reduce a projected rise in house prices by ten percentage points, and in August the Bank of England said that it expected monthly mortgages approvals to fall to 56,000 in the second half of the year — the lowest since early 2013. However, the Bank has recently said that the housing market has not slowed as much as expected. Members of the Royal Institution of Chartered Surveyors (RICS) reported that buyer enquiries for houses rose in September.