Having seen sterling reach a post Brexit referendum high of $1.43 in early April, we have witnessed the pound swing into reverse against the dollar and as of yesterday, £1 buys $1.38.
With UK economic growth slowing to just 0.1% for the first 3 months of 2018 and the prospect of a continued slowdown and a possible further decline in the pound, how will this affect the London property market?
Firstly, a weak pound is attractive for international buyers and our view is that even with a weakening economy, there is an active property market if you work with an experienced agent (and know where to look).
Secondly, our recent activity levels demonstrate the value that Tedworth can add and whilst there may be a discretionary market, there are also those who want to buy and/or sell in the coming months, allowing them the freedom to move on with their lives and it is this market that we are currently focusing on.
We have just agreed terms for the sale of a flat in Mayfair to a family moving to the UK in the summer for work and school reasons. The property was only available privately for sale, but with a common sense approach, we have been able to negotiate and agree a price that both parties are happy with.
The art of negotiation is not a given for all estate agents and it pays to utilise the services of a firm such as Tedworth in order to ensure a successful sale.
If you are thinking of selling, we would love to talk to you.