With the pound’s value still reeling from the after-shock of the EU referendum, foreign property investors are finding their dollars and euros can go far further, as our development, Charles Baker Place in Wandsworth, illustrates.
On the 23rd June last year, the country held its breath as it awaited the result of the historic EU referendum. Immediately after the shock result was announced, the effects on the UK were palpable. No more so than on the currency markets. The pound dropped to its lowest level since October 2009, sinking to 1.08 versus the euro and 1.27 against the dollar. Over a year on from the result, the pound has shown little sign of recovering, due to fears over the consequences of a hard Brexit.
Prior to summer 2016, the strength of the pound had presented a problem for foreign investors. They had long been drawn to London; they knew the language, admired the culture, and liked the infrastructure. But the relative strength of the pound against the dollar or euro always made the capital a little expensive when compared to the likes of Paris or New York.
International investors resurgent, not retrenching
However, in the Brexit economy, this is no longer such a problem. Contrary to many forecasts, foreign investment in the London property market has not dropped off a cliff post-referendum. Instead, the pace has picked up. Middle and Far Eastern buyers have been particularly active, with research showing they have almost doubled the amount of money spent in the UK’s regional markets compared to last year. Indeed, the Qatari Investment Authority now owns more land in London than TFL and the Queen put together.
But, far from such vigorous investment activity being restricted to the archetypal Prime London neighbourhoods of Chelsea, Knightsbridge and the like, a weakened pound means foreign investor cash can go further, so they are more willing to venture outside their comfort zones than pre-June 2016. In short, they have room to manoeuvre and experiment.
Chelsea, Belgravia, Wandsworth
One such area is Wandsworth. The South West London inlet may not possess the glamour of Knightsbridge or the glittering alumni of Chelsea, but it enjoys many of the same amenities and characteristics.
Like Chelsea, Wandsworth enjoys a whole host of renowned independent schools including Putney High and Ibstock Place, Northcote Lodge, and The Falcons. Oak Lodge and Ernest Bevin College are also amongst the highest Ofsted-rated state schools.
Amidst rows of traditional, attractive houses, the area also enjoys many of the brand names you’d find on your typical Prime London high street: L.K Bennet, Whistles, and Farrow & Ball, to name but a few. Between them are nestled an array of restaurants, cafes, and other eateries. The prestigious Bellevue village boasts the Michelin-starred restaurant Chez Bruce, run by chef Bruce Poole, which serves elegant French cuisine.
An investor’s little dream: Charles Baker Place
Situated in a perfect position to enjoy all this is Charles Baker Place. A stone’s throw away from Wandsworth Common and a short walk from the nearest rail and tube stations, the development’s proximity to these sought-after features ensures the properties possess an enduring value premium.
With all units in Charles Baker Place benefitting from contemporary interior finishes, modern appliances throughout (such as Sonos surround sound, Nest thermostat systems and underfloor heating) and helpful additions like on-site gated parking, it’s the perfect spot for an investor looking for the finished article. And with prices starting at £1.5 million, Charles Baker Place is pitched at the right level in the market for someone looking to capitalise on a weakened pound by making an investment in one of London’s hidden gems.
To arrange a viewing of our last remaining four bedroom, four storey mews home or our five bedroom townhouses, get in touch on +44 (0)7831 611 222 or via our contact page – we look forward to hearing from you.
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