Posts with tag: US election

Will Trump’s Win Boost London House Prices?

Published On: November 11, 2016 at 10:27 am


Categories: Property News

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Donald Trump may be getting ready to move into a new house, but what does his win mean for London house prices?

Analyst Anthony Codling has already answered the question on all property professionals’ lips: How will a Trump victory affect London house prices?

In the short-term, he believes, the London property market may get a boost.

He explains: “Our favourite new build development in Nine Elms, which is also the site of the new US Embassy, may see an uptick in demand, should disillusioned wealthy and mobile US citizens seek relocation.

Will Trump's Win Boost London House Prices?

Will Trump’s Win Boost London House Prices?

“It will be interesting to see if changes in foreign exchange rates trump the Trump victory. Obviously it is difficult to call so early, but potential winners are Berkeley Group and London centric estate agents.”

Indeed, recent research suggests that London house prices in prime central locations will be boosted by Trump’s win.

For the rest of the UK, the effect is likely to be “limited”, he adds.

London property market 

Similarly, London Central Portfolio claims that Trump’s win will have a “net positive impact” on the London market.

It’s Chief Executive, Naomi Heaton, says: “Investors [will] retrench to blue-chip tangible assets as uncertainty on the political and economic stage is heightened once again.

“Jitters in global equity markets, driven by widespread speculation, will be countered by flights to safety, with gold, the yen and Swiss franc set to benefit.

“While the result will likely move the global spotlight away from Brexit, repercussions may be felt across Europe, with the prospect of anti-establishment votes becoming keener. At the same time, the likelihood of the UK Parliament thwarting the people’s mandate to exit the EU has dwindled.”

Further uncertainty

However, north London estate agent and former Residential Chairman of the Royal Institution of Chartered Surveyors, Jeremy Leaf, believes that uncertain times are ahead.

“Even though Trump’s early words of reconciliation are encouraging, we are likely to see a further period of uncertainty, because he will not be able to take any decisive action until he assumes power in mid-January,” he explains.

“That is a concern – a further period of limbo until action is taken and in that time, markets are likely to remain in uncertain territory. This is particularly problematic, as it comes on the back of 18 months of limbo when the election result had been too close to call.

“The knock-on effect on sterling and the FTSE inevitably has an impact on confidence here, at a time when we’re already nervously anticipating the fallout from Brexit.”

He adds: “At the very least, it looks like we will have fewer transactions, tighter lending criteria, less housebuilding and higher rents, which is exactly the opposite of what we’re looking for at the moment.”

Trump Win Could Boost Prime Central London Property Market

Published On: November 10, 2016 at 9:37 am


Categories: Property News

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Yesterday’s Trump win in the US presidential election could provide a welcome boost to the prime central London property market, according to recent research.

The latest study by online estate agent found that demand in the prime central London property market has risen by 11% since August, now standing at an average of 10%.

Trump Win Could Boost Prime Central London Property Market

Trump Win Could Boost Prime Central London Property Market

Trump’s surprising victory could further this apparent resurgence in the prime central London property market, as Americans may begin to look across the pond at potential investment opportunities.

eMoov’s Prime Central London Property Index records the change in supply and demand for properties worth over £1m across the capital’s most prestigious areas, by monitoring the total number of homes sold in comparison to those on the market on the major online property portals.

Following June’s Brexit vote, the prime central London property market took a turn for the worst, slumping to the lowest demand levels on the agent’s records. However, this initial scare appears to have passed, as the market starts to find its feet again.

It is widely believed that this week’s Trump win could deliver a further boost to these areas, and could see them return to their former glory.

Chiswick is currently the most in-demand area of prime central London, at 24%, up by a huge 62% since August – the second largest increase of all the locations included in the report.

Islington, at 16%, Belsize Park, at 13%, Notting Hill, at 12%, Holland Park, at 12%, Fulham, at 12%, and Maida Vale, at 10%, are the only other prime central London areas enjoying double-digit demand. However, other than Fulham, which has seen a rise of 37%, all have experienced a drop in demand since August, along with five other locations.

Demand for homes in Mayfair has dropped by 5% since August, and is currently the coldest spot in prime central London for property demand, at just 3%.

Alongside Chiswick and Fulham, four other areas have experienced an uplift in demand. Belgravia has seen the greatest increase of all prime central London locations, at 76%. Fitzrovia, at 49%, is the third largest rise, behind Chiswick.

Kensington, at 13%, and Chelsea, at 3%, trail behind Fulham as the only other areas to have experienced an increase in buyer demand.

The Founder and CEO of eMoov, Russell Quirk, comments on the report: “Today we’ve seen another historic and unexpected turn of events where the voting public is concerned. The decision to leave the EU back in June sent panic reverberating across the top end London market, and we saw buyer demand drop to its lowest level on record.

“Since then, the market has begun to find its feet again, and we’ve seen the slight green shoots of a prime central market sprout from the rubble. Ironically, it could be this second political vote that helps bolster demand in London’s top tier market and help grow these initial shoots further.”

But will Americans really decide to flee the US now that Trump is president? We explore the possibilities: /will-americans-flee-uk-trump-president/

So Will Americans Flee to the UK Now that Trump is President?

Published On: November 9, 2016 at 11:20 am


Categories: Property News

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It’s official – Donald Trump will become the 45th president of the United States of America following yesterday’s astonishing election.

So Will Americans Flee to the UK Now that Trump is President?

So Will Americans Flee to the UK Now that Trump is President?

So will Americans flee their homeland and buy a home in the UK now that Trump is president?

Ahead of the election, we released reports from property agents in the UK that many US citizens are looking to flee the country, depending on the outcome of the vote. Some home sales were already linked to both potential results.

But was it the possibility of Trump that was putting them off staying in the US?

Earlier in the year, a poll of 2,000 registered voters revealed that 28% were considering leaving the States if Trump was elected, with many citing Canada and the UK as likely destinations.

And judging by the fact that Canada’s immigration site has crashed since the outcome was announced, it appears that many will be following through with their plans.

We will have to wait and see whether the UK finds itself bombarded with immigration requests from US citizens now that Trump is victorious!

And what a stunning victory – The Republican nominee defied pre-election polling, claiming swing states such as Florida, Ohio and Pennsylvania, to beat Democrat Hillary Clinton.

As poll counting went late into the night, it was Trump’s shock victory in Wisconsin that put him over the 270 out of 538 electoral college votes needed to win the White House.

And while the new president was quick to congratulate Clinton on her efforts and service, Trump went on to call on all Americans to “come together as one united people”.

With so many US citizens already looking into immigration options, and many showing interest in property across the pond, it seems that Trump’s dream may not be so straightforward.

What do you think of the new president? And do you think Americans will indeed flee to the UK now that Trump is in office?

Hillary Beats Trump… At Least Where UK Property is Concerned

Published On: November 8, 2016 at 9:26 am


Categories: Property News

Tags: ,,,

Hillary beats Trump…. At least where UK property demand is concerned, according to new research ahead of today’s US election.

Hillary Beats Trump... At Least Where UK Property is Concerned

Hillary Beats Trump… At Least Where UK Property is Concerned

Online estate agent has analysed the impact of each presidential candidate on their UK property namesakes.

The agent has pitted St Hilary in Cornwall against Trumpington in Cambridgeshire to see which location is most in demand from UK property buyers.

And it’s bad news for Trump fans, as St Hilary came out on top.

eMoov produces a quarterly national hotspots index that monitors demand for property around the country, based on the balance of available and sold housing stock on the market.

It ran the study for Trumpington in Cambridgeshire and St Hilary in Cornwall to see just what impact the US election is having on property demand in the UK.

The data shows that property demand in Cambridgeshire as a whole is at a strong 43%. However, demand in the village of Trumpington has plummeted to just 19% ahead of today’s crucial vote.

Property demand in St Hilary, however, stands at a robust 37% – close to Cornwall’s overall level of 38%.

The Founder and CEO of eMoov, Russell Quirk, comments on the findings: “The prospect of a Trump presidency seems to be sending shockwaves further afield than the US campaign trail. Even sleepy corners of the British property market seem to be impacted by the unintentional allegiance to each candidate, through the names they share.

“It’s clear that, where property demand is concerned at least, Hilary is out in front by some way. We’re going to put our hat on this data and call the result of this election a day or two in advance – fingers crossed we’re correct.”

Yesterday, we reported on claims from many agents in the UK property industry, who have found that US buyers are ready to flee their homeland to the UK when the result is announced. Some property deals are already linked to the potential outcomes.

We will keep you up to date with the US election and its impact on UK property on social media. Follow us on Twitter for the latest updates:

US Property Buyers Ready to Flee to the UK Following Election Result

Published On: November 7, 2016 at 10:18 am


Categories: Property News

Tags: ,,,

UK estate agents are reporting booming interest from US property buyers looking to flee their country following this week’s presidential election result. Some property deals are already linked to the outcome of the vote.

One agent, Toby Cockcroft, the Director of Croft UK Real Estate, has seen inquiries rise by 50-60% this year, and is setting up a buying agency on the east coast of the USA to meet demand.

He says: “We have recently agreed sales on smaller-end £400,000-£500,000 properties from US buyers, and we are also retained to act for half a dozen who are looking to invest significant wealth by way of property.

US Property Buyers Ready to Flee to the UK Following Election Result

US Property Buyers Ready to Flee to the UK Following Election Result

“Initially, there was lots of interest due to the pound, but the uncertainty over the election is putting the fear of god into Americans.”

He explains: “Americans are looking for stability and security, and, with the scariness and uncertainty that the election could bring, they are looking to set up shop elsewhere.

“The Trump factor is often the first thing that gets mentioned, but, either way, many Americans don’t think it’s great and aren’t sure about Clinton either.”

Carter Jonas has also reported sky-high demand in the capital. Tim Macpherson, the Head of London Residential for the agent, comments: “As Trump and Clinton continue their battle for the White House, inquiries from American buyers for property in prime central London are rocketing, and we have a number of deals linked to the election outcome.

“Buyers are in despair over the prospect of Trump as president – not just because they dislike him as a person or because they disagree with his policies, but because they think he will destroy the US economy.

“It’s of little surprise that the shrewd amongst them are acting fast to move their assets to the safety of the UK.”

He adds: “Indeed, there is much speculation that a Trump victory could create a bounce in London’s property market – particularly in areas such as Mayfair, which is the traditional heartland of US buyers.

“With the dollar performing with such strength against the pound, it could perpetuate the buoyancy that we’ve already witnessed across prime central London post-Brexit.”

The boom arrives as data from agent Stirling Ackroyd shows that the cost of the average London home has dropped by 9.2% for US property buyers over the last 12 months, due to the drop in the pound from $1.53 to $1.23.

Earlier this year, a Morning Consult/Vox poll of almost 2,000 registered voters found that 28% of Americans have at least considered leaving the USA if Trump is elected, with many citing Canada and the UK as likely destinations.

The Head of Residential Development at Stirling Ackroyd, Nick Davies, states: “For Americans left cursing Clinton or terrified of Trump, it’s worth considering a move to London. The recent fall in the value of the pound against the dollar means there are great deals available in the London market for buyers from across the Atlantic.

“While the capital’s house prices have risen 13% year-on-year for domestic buyers, those using the dollar will find homes in London are almost 10% cheaper than a year ago.

“With the culture of the West End, thousands of years of history and fantastic employment opportunities, London has lots to offer US buyers, aside from a declining cost of living. And, of course, British winters aren’t as cold as Canada’s.”