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I am a Partner with 20 years' experience in property, specialising in high value residential sales, acquisitions and lending, focusing on the London and South-East property markets. I was previously a professional rugby player, representing Gloucester, Bristol, Coventry and Newbury.
Brexit will potentially have a huge impact on the people who work in the UK’s financial services industries. Many banks, insurers and fund managers who have large businesses in continental Europe could consider relocating to Paris or Frankfurt, and senior staff will either lose their roles or have to move to another country. Some global investment banks, such as JPMorgan, have said that Brexit would lead to a significant loss of jobs in the UK.
“The impending EU referendum has certainly put the brakes on the prime central London property market. Uncertainty creates nervousness and therefore both buyers and sellers are holding fire until the outcome of the vote is known.
“The Brexit effect means demand is subdued even where asking prices have fallen. Two stamp duty increases within the last 18 months have already had an adverse impact on this specific market.
“However, there are indications that underlying demand is strengthening, as asking prices are being reduced to reflect higher transaction costs.
“High levels of viewings would also suggest that buyers are keen to make purchases but are just holding fire until they know what the future of Britain’s place within the EU will be.”
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