WIth the political landscape changing almost daily in the UK, we wanted to tap into the mindset of New Yorkers to ascertain their perception of current market conditions in London.
We reached out to Andrew Borland, a straight talking broker based in Manhatten for his view:
“For people here in New York, whenever London comes into conversation, unsurprisingly, the two B words, Boris and Brexit are on the tip of everyone’s tongue.”
“There is no escaping the “will they / won’t they” chatter, but rather than being a source of worry, for many, there is a growing sense of opportunity amongst American buyers and investors as we continue to see the pound struggle against the dollar.”
“Whereas back in 2008 the exchange rate was $2 to the pound, today that pound is worth $1.21 and a 14% drop since June 2016 has created a new set of international buyers from the United States. I have experienced first hand this growing trend, with a buyer recently reversing his decision to purchase an investment property here in New York in favour of buying in London.”
Thank you to Andrew for his comments. It’s true to say this is also our experience with a number of dollar based buyers registered with Tedworth who are looking to take advantage of the current situation and purchase in the coming months.