London: life after Brexit
London is a bit like Warsaw – is governed by its own set of rules.
I do not think it would be an exaggeration if I said that for me, as for so many people, Brexit was a huge surprise. Until the last moment I believed that the United Kingdom would remain in the European Union and that it will play a major role in the renewed version of it. However, it did not happen. The British Community has decided to divorce the rest of Europe, and we will have to live with this decision.
I thought about it when I was visiting London some time ago. Even before the trip, I had wondered if I would notice any changes. At a first glance, it seemed that London continued as if nothing had happened. It is still one of the most colorful and vibrant cities where big business is making tonnes of money.
Of course, due to my profession, I was most interested in Brexit’s impact on the real estate market. Even before the vote, I had often heard the opinion that Brexit would have a negative effect: prices would fall and investors would decide to put their money somewhere else. Nevertheless, I have the impression that in the case of London these predictions resulted far from the truth. Yes, the pound has lost some value and yes, flats or houses prices are growing at a slower pace, but London is still one of the most attractive cities if one is interested in purchasing investment properties.
Perhaps this is largely due to the fact that London – a bit like Warsaw or any other capital – is governed by its own set of rules. It is in London where a big chunk of the British economy is concentrated, it is here that highly skilled people work. And even such a change as leaving certain political and economic structure should not see the downfall of a mature and developed economy.
That is why I am optimistic about the future. Without a doubt, Brexit will change not only the British but also our – Polish and EU – reality without being a disaster some claim it to be. The real estate market is known for its phoenix-like characteristics which help it to overcome pretty much every crisis. I am convinced that even after Great Britain leaves the European Union, it will still be worth investing in London. Because it is a unique city.
