Post-Brexit:estate agent reports instant boost in London property listings and sales following referendum result

House sales are up and the volume of new properties listed for sale has nearly trebled in the seven days after the pro-leave vote compared to the previous week, says a new report.

While it's too soon to predict the full impact of the referendum result on London's housing market, an early report reveals an immediate surge in sales and the number of property listings.

Estate agent Douglas & Gordon, which has 19 branches across the capital, says the number of agreed sales have increased by 11 per cent compared with the previous week, as buyers and sellers - some of whom had put their property transactions on hold pending the result - pushed to complete against a backdrop of political and economic uncertainity. 

“Politically, we may be in uncharted waters: however, many of our clients who delayed listing their property until June 24 were simply waiting for a result one way or the other," says James Evans, Douglas & Gordon's chief executive officer.

The report was released amid a warning from the Bank of England that Britain's financial stability has already been affected by the vote. 

Bank of England governor Mark Carney has set out measures to fight the recession in the aftermath of Brexit. Predicting hardships for beleaguered home-hunters, he says "the system should be there if you want to take out a mortgage, because of the hard work of the last seven or eight years to make sure there is money to borrow if you need it".

However, international buyers from the United States, Russia, China, the United Arab Emirates and Nigeria are said to be taking advantage of the weakened pound. Significantly, US dollars are being used to complete transactions on London properties priced between £1 million and £2 million, to avoid the pound's current volatility.

Douglas & Gordon reports the company has received the highest number of property inquiries in the week following the Brexit result since the start of the year.

“London property transactions happen for a variety of reasons and our experience is that those who are wanting or needing to buy, sell, rent or let will continue to do so,” says Evans.

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