Paris is a world away from Bromley and Beckenham, but how do they compare following two very different election results?
London’s property prices have been dampened by Brexit, including in the key boroughs we serve in Bromley and Beckenham. However, there are reports that housing in Paris is booming thanks to the election of new President Emmanuel Macron.
Called the ‘Macron effect’, investors and developers have been given new confidence in Paris’ property market. This is because Macron is seen by many as being a safe pair of hands.
“We’ve now got a powerful combination of positive factors for the market: low interest rates, the Brexit effect [ . . .] and the election of President Macron that has brought a wave of optimism,” said Hugues de La Morandière, a high-end Parisian property agent, as reported by The Financial Times.
Circumstances seem rosy across the channel. So what lies in store for Britain’s property market and Bromley and Beckenham in particular?
Well, it is not all doom and gloom, as you might think. A prediction by Savills indicates that while prices maybe flat across the UK for 2017 they are expected to have risen by 13% by 2022.
Now, that is still a dramatic slow down from previous years, but many in the property sector argue that this more steady growth is potentially more healthy in the long term.
Many property experts also believe that falling prices at the top of the property market, and a slowdown everywhere else, have been caused by changes to stamp duty, and not the referendum.
Property prices and rental yields may look more sunny in the short term in France, but they are not as bad as some here in London would have you believe.
All in all good news for people investing wisely in Bromley and Beckenham property management services.