What could the Trump win do for the Cobham Surrey Lettings Market?
Everyone's eyes are looking at the UK stock market and currency rates this morning as the UK assess what the Trump presidential victory means. One things for certain, change is ahead!
Camilla Dell, managing partner at Black Brick buying agency, says in Estate Agency today" amid stock market turmoil and weakening of the dollar" global investment into Prime Central London property is likely to increase from investors who hold the view that Trump is risky for the markets."
She adds: “We are also 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. Foreign buyers, particularly those from the Middle East and of Muslim faith, may enter the London property market, too, as they decide not to buy property in the US due to his remarks about banning Muslims from entering the country.”
London and the suburbs will be attractive to USA citizens as the slump in sterling after the Brexit vote in June meant the once soaring property prices, one of the major deterrents to a move to the capital, have fallen more than nine per cent in a year in dollar terms. That is equivalent to a $62,000 saving on a typical London property, but far more on a home in one of the more expensive central areas favoured by Americans. While the capital’s house prices have risen 13 per cent year on year for domestic buyers, those using the dollar will find homes in London are almost 10 per cent cheaper than a year ago.
Fears by some Americans that the doller will further fall (the markets am on 9/11/16 show the dollar has fallen and gold investment has soared) may see investment in UK property happen quickly. Investors who had previously looked to US markets as a safe haven may now turn to the UK property market. President Trump combined with a predicted unstable pound next year does make London look extremely attractive as any political change will cause uncertainty – which in turn causes stagnation as investors naturally look to alternative markets such as London.
About 63,000 people born in the US lived in London at the time of the last census in 2011. (Source ONS) They make up the largest group of immigrants in the three London boroughs of Camden, Kensington & Chelsea and Westminster, where the American School in St John’s Wood is based.
So how many American citizens will look to relocate to the UK and most importantly where will they look to relocate to in the UK?
Outside of London, Cobham has the ACS (International School, formally known as the American Community School) and an established American commmunity. With organisations like American women of Surrey , a commute to London in under and hour and cheaper healthcare - Cobham is an excellent choice for the Ex-Pat. Sally Asling, Lettings Director at SurreyLets says "Cobham has always been a firm favourite for American families relocating from the US. With a short commute to the city, outstanding educational facilities, ample green space and sports facilities and specific community organisations for the American community, we have seen the American community take good quality homes on long term rental agreements, and the American community have certainly been a good thing for the local lettings market"
If you are a landlord with a property to let in Cobham, East or West Horsley, Effingham, Bookham or Weybridge and Walton, SurreyLets would be delighted to help you. Please call SurreyLets on 01483 282470
Alternatively, if you are looking to relocate to any of the above areas, SurreyLets offers a wide range of property to let. Please call 01483 282470 for a viewing.
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