The Brexit deal agreed in dramatic form on Christmas Eve is one part of a cocktail eventually boosting the London market in 2021.
That’s the view of Knight Frank which says the deal will remove one issue of concern for international buyers in recent months.
“While Brexit became a background noise for many buyers and sellers in recent years, the last few weeks showed it could still be a cause for concern” according to Tom Bill, Head of UK Residential Research at Knight Frank.
“On its own, the removal of the ‘no-deal’ Brexit risk will be a relief. Combined with the ramping up of the COVID vaccination programme, it underlines how different the mood music will be for the housing market in 2021” he says.
“Longer-term economic risks from the pandemic remain but a wide-ranging set of competing factors mean house prices could ultimately be relatively static next year.
“Despite the prospect of a stronger pound, there is a wave of pent-up demand from overseas buyers that will be released as travel restrictions are relaxed and we expect this to drive an overdue period of house price inflation in prime London markets.”
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What about the new levels of enhanced taxation (SDLT) for non-doms buying in the UK after Spring 2021will that not have a dampening affect?
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