London agent sees sales rise 11% since Brexit vote

London agent Douglas & Gordon has announced a leap in both sales and new instructions in the week after the Leave vote.

Instructions nearly trebled compared with the previous week, while sales increased by 11%.

Many of the deals were struck by people taking advantage of the weak pound in the immediate aftermath of the shock result.

At the current sterling/dollar exchange rate of US$1.31, London’s so-called “merging prime” areas are now 25% cheaper than they were two years ago.

Douglas & Gordon offices reported interest from applicants based in Nigeria, USA, UAE, Russia and China – all of whom are buying in US$ and most of whom were interested in property priced between £1m and £2m.

Since the start of the year, Douglas & Gordon Corporate Services has received 24% more enquiries from relocation agents, reflecting a year-on-year increase in the number of corporations looking to move employees to London.

Enquiry levels last week, following the Brexit result, were at their highest since the start of the year.

Douglas & Gordon CEO James Evans said: “Politically we may be in uncharted waters. However, many of our clients who delayed listing their property until June 24 were simply waiting for a result one way or the other.

“London property transactions happen for a variety of reasons and our experience is that those who are wanting or needing to buy, sell, rent or let will continue to do so.”

Outside London, Berkshire-headquartered Romans said that in the week after the Brexit vote, just 20 deals out of 900 sales agreed were cancelled.

The firm said that was only marginally more than during a normal trading period.

The firm also recorded an 8% increase in traffic to its website in the week after the Leave vote.

Romans managing director Peter Kavanagh said: “I strongly believe that in six months, if not before, we’ll be looking back and wondering what the fuss was all about.”

In Essex, Beresfords said a property put up for sale on the Monday after Brexit day has had 11 viewings and a full-price offer. Another of its properties, a probate sale which could not be viewed until after June 24, has had 18 viewings and five offers.

Adam Hesse, of Aston Mead Land & Planning, said that in the last 12 days he has not had a single land deal pulled, and he called for the industry to unite to send out positive signals.

He added: “There is a danger that people will believe the warnings and then it becomes a self-fulfilling prophecy.

“It was a democratic decision, so we have to abide by the outcome and move on. In effect, we’re all Brexiteers now. All this talk of a second referendum is only making things worse. The result on the day was conclusive. What if a second vote went the other way?

“What do these campaigners want – the best of three?

“The reality is that we’ll be leaving the EU and our job in the property sector is to help the transition work as effectively as possible. That means we need an end to scare stories and doom-and-gloom scenarios.”

Written by: Houseladder