020 7538 0102
7th November 2014
The Telegraph's Anna White reports on the luxury London property market and comments that as increasing numbers of cranes dot exclusive districts, there are fears that the global economic situation could threaten London’s appeal. The property industry insists that there is an existing queue of high net- worth individuals ready to snap up new developments in Mayfair and other prime areas off-plan. However, Deutsche Bank says that the London property market could “unravel”. One of its biggest concerns is the knock-on effect of the U.S. stopping its quantitative easing programme last week. Simon French, chief UK economist at Panmure Gordon, cites issues closer to home. “We are seeing high-end residential come off the boil as talk of clamping down on immigration, and a mansion tax, is sending warning signals that the UK is changing as a place to do business,” he says. Meanwhile, Scott Corfe, chief economist at the CEBR, is also bearish about the luxury London market and its ambitious pipeline of developments. “We expect demand to fall back at the top end of the [London housing] market,” he says.