London house prices now €33,200 cheaper for Eurozone buyers
Eurozone buyers are piling into the London property market as prices wobble in the face of EU Referendum uncertainty. House prices have fallen €33,200, according to new analysis from London Estate Agents Stirling Ackroyd.
The depreciation in Sterling in June means the average price of a house in London equates to just €596,900 – compared to a record high of €630,100 in November 2015. This change means homes in London have become €33,200 cheaper to Euro buyers, a fall equivalent to £26,000. This €33,200 saving amounts to a 5.3% discount within London’s residential market.
Andrew Bridges, managing director of Stirling Ackroyd, comments, “European buyers are snapping up bargains across London. A declining exchange rate has meant London is becoming a more affordable global property hotspot – particularly for those paying in Euros.
“If Britain votes to leave the EU, Sterling is set to fall further so, ironically, London would become even more affordable – and therefore more attractive – to overseas buyers paying in Euros. While Eurozone buyers are propping up the temporarily soft market as prices stutter, Brexit might make Europeans much more significant players in London’s property scene.”
Read the whole report here.