PCL property performing well despite twists and turns of Brexit – The Property Chronicle
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PCL property performing well despite twists and turns of Brexit

The Analyst

On 28 August, UK Prime Minister Boris Johnson announced he––with the Queen’s approval––was going to suspend Parliament between 10 September and 14 October.

The decision has been seen by many as an attempt to move the UK one step closer to a no-deal Brexit, limiting the time in which MPs can debate and implement legislation to prevent the country leaving the EU without an agreement. Indeed, the news sparked a torrent of outrage among politicians across different political parties, while a snap poll by YouGov found 47% of British adults thought the decision was unacceptable, with 27% saying it was acceptable and 27% unsure.

Regardless of one’s opinion on Mr Johnson’s prorogation of Parliament, this recent development from Westminster would seem to indicate that a no-deal Brexit will be the most likely outcome on 31 October 2019.

Interestingly, despite speculation the greater uncertainty embroiled within a no-deal Brexit would be more damaging to different areas of the economy, the Prime Central London (PCL) property market has actually responded well over recent months.

Knight Frank’s latest market data analysis on the prime London residential market revealed “super prime” property sales (worth £10 million and above) reached a four-year high in Q2 2019. Purportedly, an increase in the number of buyers saw the collective spending power of prospective buyers in London rise to £51.5 billion in the three months to June.

The Analyst

About Alpa Bhakta

Alpa Bhakta

Alpa Bhakta is Chief Executive Officer of Butterfield Mortgages Ltd. With more than 20 years’ experience in the world of high net worth (HNW) property finance in the UK, Alpa is uniquely well-placed to oversee BML as a stand-alone mortgage lender, with a focus on prime property lending. Before joining Butterfield, Alpa headed the private property finance team at BNP Paribas Fortis, following positions at Credit Agricole Indosuez private bank and NatWest. Her expertise in this field is unrivalled and makes her a much-respected senior figure in the industry. She has recently been short-listed for the 2018 Citywealth Powerwomen awards.

Articles by Alpa Bhakta

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