However the bare truth of the matter is, that since 2016 London property values have been heading in one direction, Down!
With both the number of translations and property prices on the slide.
Several cities, such as Manchester, Liverpool and Birmingham have bucked London’s downward trajectory and experienced more than 5% year on year increases in property prices.
This may surprise many, but Manchester alone has seen average property prices increase by an impressive 17% since the referendum.
Although international investors are clearly shunning London, they still judge the UK property market on the whole to be in good shape and good value.
Remember, sterling has moved appreciably in their favour! So they’re simply looking for more lucrative areas to invest.
The small 2 to 3% rental yields that London commands are simply dwarfed by the 6% yields that Londons little brothers, Manchester and Liverpool can offer.
What we are seeing is a shift from people investing in the capital to more affordable and lucrative opportunities in northern cities.
With limited housing and a strong northern employment rate, landlords are able to demand higher rents, and thus, property transactions are on the increase,
in turn pushing prices higher than we have ever seen them before.
A growing percentage of all UK property investment last year came from international buyers.
Unsurprisingly these buyers weren’t from our European neighbours, but more and more from further afield places such as the Middle East, India and China.
Property in the north is trumping that of London and its showing no signs of slowing down!