London property market may benefit as Trump wins US election
As international markets acclimatise to the news that the former Apprentice reality star is to become the next US President, London-based estate agents are seeing an opportunity for foreign investment.
When the votes came in almost a week ago declaring Donald Trump as the new President of the United States, the Canadian immigration and citizenship website soon went offline as its servers became overworked with nervous Americans looking at fleeing their own country, before the president-elect is sworn in mid-January.
Of course, Canada was quick to reassert that the majority of applicants did not fulfil the criteria necessary to immigrate, as well as reassuring its own populace that the country was not a ‘safety net’ for those unhappy with the election result.
While this may be seen as an overreaction to a deeply unpopular choice of president, there does at least appear to be a silver lining in the future for London property owners, thanks to US citizens who possess the necessary wealth to move to the UK capital.
With London’s property bubble close to bursting for the last few years as many apartments and homes lie empty thanks to the ever-increasing prices the city demands, for many estate agents the prospect of wealthy Americans moving across the pond to invest in property or rent is a dream scenario.
“We’re likely to see some wealthy US citizens, particularly those most offended by Trump, move to the UK as some of our American clients hinted to us prior to this outcome,” said Camilla Dell, managing partner at Black Brick buying agency.
“Foreign buyers, particularly from the Middle East and of Muslim faith, may enter the London market, too, as they decide not to buy property in the US due to his remarks about banning Muslims from entering the country.”
While there has been no noticeable increase in London properties by foreign buyers so far, according to property buying experts, many estate agents believe that there will be a sharp rise in buyer interest once the presidential inauguration has taken place.
While this is potentially great news for those in the capital looking for a quick sale of their current home, the turn of events will only benefit those with expensive properties – whereas vendors currently struggling to sell their mid-priced homes still have the option of using property buying companies who will buy any home for cash, regardless of condition or location.
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