One week is undoubtedly not an example of the future but we started this week with some caution as to how the UK property market would respond to the BREXIT vote. Whilst we didn’t foresee any immediate changes we were a little concerned by buyers confidence.
However, what a week it’s been! We have agreed nine individual buy to let sales to nine different buyers as well as securing the sale of a freehold on a medium sized building in West Yorkshire, agreeing the sale of a large residential portfolio in the north west for £5.8M and pushed along nicely a sale agreed some weeks ago on a tenanted block of apartments in South Yorkshire for £2.1m.
It is worth saying that five of the individual buyers are from the south of England and all buying in the north and the other four are from the far east. Three from Hong Kong and one from Thailand. These sales alone are a highly supportive statement of the UK buy to let property market and the overall property market here in the UK. Buyers need to have confidence but not just in the product they are buying but in the market as a whole. The UK economy and the UK property market has been viewed for a long time as a secure investment and the EU vote hasn’t changed this. With a low value pound overseas investors will inevitably commit to the UK market as they are simply securing more for the money and of course the UK investor is still switched on to the lower prices and higher yields in the north of England. It may or may not be little more than a social media tag and a political slogan but the Northern Powerhouse is strong.
The team at Bastion Estates is looking at new opportunities all the time and this week has seen four new build residential schemes cross our desks. Two have been rejected and two need more work before we propose on them. We know in advance that another three are on their way for us to look at next week. We will keep busy and simply supply opportunities for the growing demand.