The number of people seeking to buy a luxury property in London has fallen since the UK voted to leave the European Union, new research suggests, lettings are also down but not as much.
The luxury rental market in London has been fairly stable since the Brexit vote, with the percentage of people looking to rent residential properties decreasing only by 4.3%, according to a report from Luxury Estate which specialises in marketing prime property to overseas buyers.
However, the figures also show that the percentage of people looking to buy a prime property in London has decreased by a more significant 18%.
The numbers have also revealed that the total budget for renting luxury residencies in London has not significantly decreased, with a drop of only 4.1% from an average budget of £2,100 per week before the EU referendum to £2,013 per week after the vote.
Yet the average spend on purchasing residential property has decreased by approximately a third at 34%. The figures show that the budget for purchasing homes pre-Brexit was around £5.7 million but that has now fallen to £3.7 million.
Among the nationalities searching for luxury rental properties in London the biggest number of enquiries are from Saudi Arabia followed by Kuwait, the United States and then the United Arab Emirates.
Americans top the list of enquiries for buying a prime property in London followed by the UAE, France, Germany and then Saudi Arabia.
Apartments are still the most commonly sought after property. Some 72% of prospective tenants want a flat and 18% want a detached home. Some 58% of potential buyers are looking for an apartment and 25% a house.
