The London property market in 2020 — who will be the winners and losers?
17th January 2020
Overseas buyers should find lower prices than in recent years — especially if they are US dollar buyers. According to Coutts & co, the average price in prime central London has fallen by about 21 per cent since its peak in 2014. Once the currency exchange is factored in, dollar buyers today reap a discount of 38 per cent compared with five years ago.
They may soon get even more than that. Data published this week show the UK economy contracted by more than expected in November, adding pressure on the Bank of England to lower interest rates. While worsening economic conditions may not be good news for domestic buyers, the prospect of a rate cut sent the pound below $1.30 on Monday — and the weakened pound has attracted overseas buyers in search of a bargain.