A leading buying agency says there might be at least one upside to having The Donald in the White House - it might help London’s falling housing market.
Camilla Dell of buying agency Black Brick says the UK in general and London in particular may benefit thanks to its reputation as a more welcoming destination than President Trump’s US, now that it has temporarily closed the country to citizens of seven Middle Eastern and East African countries.
Dell, citing law firm Cllyer Bristow, says 68 visas were extended to entrepreneurs and investors last year from the seven countries affected by the travel ban, namely Iran, Iraq, Somalia, Sudan, Syria and Yemen.
“The effects of the US ban are likely to be felt much more widely than the seven countries targeted. It generates enormous uncertainty. Not only is it going to discourage investment, but lots of our clients from the region send their children to US universities – a lot of them will be thinking twice” says Dell.
She says that London may also benefit from the US President’s criticism of China, especially in the weeks before his election. Black Brick says that according to research from the Hunan Research Institute, almost two-thirds of Chinese high-net-worth individuals plan to buy overseas real estate in the next three years, with a view to getting at least a third of their wealth out of the country, and the UK is a likely target.
“Chinese buyers have long favoured investment in London, whether for reasons of diversification, cultural attractions or to send their children to our universities. If they perceive the US as becoming less welcoming, London can only benefit” says Dell.