Just under five months ago, we carried a story on the impact a vote for Brexit might have on property prices in London’s prime central areas. That was the day of the referendum and the result was not yet known.
We said a Remain vote would be best for this particular market, but that London would continue to attract investment, come what may. Others were less sanguine, forecasting a Brexit meltdown.
Well, we didn’t get that Remain vote – but nor did we get meltdown. There’s no question that house prices at the top end of the market have eased, but to the overseas investor that is a plus reinforced by the fall in the value of the pound which followed the referendum result and has reduced prices in other currencies.
The fundamentals are sound
What any knowledgeable investor looks at when considering a purchase (or a sale) is the fundamentals. Jim Slater, the doyen of private investors in the stock market, taught us always to look first at the cash flow statement – “if a company is making the millions the chairman says it’s making, why does it need to end each financial year with a round of cash injections?” In the case of prime central London property areas like Belgravia, the fundamentals are fairly straightforward.
Peace. Security. Tolerance
In a world where trouble seems never far away, Belgravia offers a peaceful location in the capital city of a nation that avoids the violent upheavals that offend over so much of the globe. And yet, the bustle of Knightsbridge, Sloane Street and the King’s Road is within walking distance, and so are Hyde Park and Kensington Gardens. All this in an area that has absorbed every nationality and every creed. Belgravia is far too grown-up to resort to slogans – but, if it had one, it would be “Tolerance.”
Luxury is a concept defined in many ways, and what looks like luxurious living to one screams “vulgarity” to another – but no-one can look at the terraces, the crescents, the squares of Belgravia without seeing that this is a residential area in a class apart. It’s been this way for two hundred years; the first person to buy one of the new houses in Belgrave Square was the Earl of Essex and that deserved reputation as the place for
people of position has never wavered since. Hard to think, now, that before the Duke of Westminster set Thomas Cubitt to work draining the land to provide a place to build, the area was infested by highwaymen.
London is – and will continue to be, whatever the referendum’s eventual fallout – a global centre of business and finance. If it’s business that brings you to London, there’s no better place to be than Belgravia with its excellent road and rail links.
Finding the right Belgravia property at the right price for your specific needs requires sound, informed advice. If you’re ready to take this step, call us. No-one knows property in this area better than Best Gapp.