The vote is later today. The polls suggest that anyone could win. The question is, will a “Yes” victory, i.e. the Scots going their own merry way, have a negative effect on London property prices?
A number of my clients have contacted me in the last two weeks concerned about this. Indeed there are many issues that could have a negative impact on London, but this isn’t one of them. In fact I cannot see how it can have anything but a positive impact on London prices in the short-term.
Here is a brief list of reasons:
- The uncertainty will likely cause a further decline in Sterling which will boost London prices by making them more attractive to international buyers
- It is likely that the major financial firms in Scotland will be forced to relocate. London is the obvious choice
- Wealthy landowners may decide to sell and relocate (not necessarily their entire wealth but certainly a percentage)
- London subsidises the rest of the country through tax receipts. Scotland is one of the major beneficiaries and not vice versa.
In fact I can only see two ways that a Yes vote can have a negative impact:
- Alex Salmond declares war, which would be the equivalent of a black swan the size of an elephant flying over the horizon.
- The Yes vote causes a delay in the UK election which would lead to greater uncertainty in the short term.
But from a financial or economic perspective I can’t see there being any direct effect on the prime London property market.
Anyway more will be revealed in the next 24 hours. My guess is that the world will keep spinning…
However, if you would like to discuss this or any other questions you have on the prime London property market, you can request a complimentary property search health check. The dates for September have been reserved, but please email Rachael@mercuryhomesearch.com to request a date in October.
The Property Search Health Check is a twenty minute diagnostic telephone consultation during which I analyse your property search to highlight specific problems and show you how to avoid them, so that you can buy the finest property on the best terms possible.
I will answer all your questions and provide a blueprint tailored specifically to your property search, which will give you a distinct advantage over other buyers. The Health Check is guaranteed to save you money, time and stress whether you have just started thinking about buying a property or have already started your search.
Of course few things in life are really free and this is no exception
Let me just say this: it is possible that after I have answered your questions you will be impressed by my expertise and think it appropriate to ask me to help you acquire your home or investment property in London.
But please be assured, the Property Search Health Check is not a sales pitch in disguise. It is an in depth review of your property requirements and concerns, which is underpinned by my 13 years’ experience of buying property in London and negotiating hundreds of millions of pounds worth of property transactions.
You are obviously a successful and intelligent person otherwise you would not have accumulated the wealth to allow you to buy a property in London. However, you are probably not an expert on this particular subject.
I have seen very shrewd individuals buy genuinely poor properties and/or massively overpay because they did not really understand the prime London property market. I have been very successful and can show you the dangers to avoid and the opportunities to target. So why wouldn’t you let me share this information with you?
To make your reservation, please contact my assistant, Rachael, now at Rachael@mercuryhomesearch.com or call 0800 389 4280 (or +44 800 389 4280 from outside the UK) or click here to make your reservation online.