London?s high-end housing market has been described as a ?ghost town? by some brokers in the U.K.
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Wealthy foreign buyers are positioning themselves to scoop up bargains in London?s luxury housing market if Britain votes to leave the European Union later this month.
London?s high-end housing market has been described as a ?ghost town? by some brokers in the U.K. capital as wealthy overseas investors sit on their hands until after the referendum takes place on June 23. Some are even renting instead of buying until the decision has been made.
However, some brokers predict that dollar-backed buyers could flood back into the market if sterling slides in the event that Britons vote in favor of a so-called Brexit, making properties much cheaper for them. ?No one is going to make any decisions before June 23. The phones aren?t ringing. The market has been slowing down a lot, leaving the center of Mayfair like a desert town. No one is there,? says Trevor Abrahmsohn, managing director of Glentree International, a London-based brokerage.
?New developments in the center of London are like ghost towns. Some people have closed their show apartments, especially in east London because people weren?t turning up.?
Abrahmsohn has predicted that prices in some of the most exclusive parts of London such as Mayfair could become 50% cheaper for dollar-backed buyers from the U.S., Iran, Russia and the Middle East among others than during their peak in 2014.
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