London property market starts to see the effects of potential Brexit

A lot has been hypothesised about the positives and negatives of a potential Brexit but reality is now starting to bear hard on new enquiries for office space in the nation’s capital. A sure sign that the spectre of Brexit has now moved closer to reality as poll results narrow and people in the City of London start to contemplate the very real prospect of Brexit. Recent polls over the weekend have the Leave camp ahead after weeks of trailing behind and the shockwaves of those results have put both brokers and tenants in a state of distress.

“The cosmetic appeal of Brexit is obvious” says James Coveyduck, Chairman of Morgan Pryce “but the reality, and especially the economic reality of what will happen afterwards, both to the country and to the London property market, is something that people need to take very seriously indeed.  The economy isn’t strong enough, based on the raw, untwisted, data, to take such a chance on the unknown. The prospect of financial chaos will have a profound effect on London’s already teetering property market, both Residential and Commercial, with all the ills that brings for the rest of the UK economy”.

With a large number of people still undecided on the issue of Brexit, there is still all to play for but if the uncertainty being seen in the market is what it is today, it is hard to imagine a positive outcome the morning after a vote to leave the European Union. “The reality is we made our bed many years ago with Europe and a quick and easy divorce is a pipe dream” continues Coveyduck. “With all that’s at stake it is hard to see why the British people would put their faith in a plan that is not a plan but more a battle cry for former glories”. 

Whatever the result, Morgan Pryce is forecasting a turbulent time in the London property market over the next couple of weeks, with people resorting to holding their breath that all will be well with not much conviction.  Providing 22% of the UK’s GDP, and with an internal economy heavily based on property prices, London’s future is of massive significance to the rest of the country as a whole – even if it seems out of touch to many and the home of those who have placed the country in this perilous position.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.