4
Jun
Beware of Greeks Bearing Debts
The media is full of economic woe but Nick Churton of Mayfair
Office finds that the UK property market is anything but
downbeat.
"The Euro zone is in crisis. We really are in a quandary over
austerity versus growth. The French disagree with the Germans and
the British disagree with everybody. What is one to think or do? In
central London there is little doubt over what many mainland
Europeans are doing – including wealthier Greeks. They are
piling into residential property in our capital. Whilst we are not
exactly cocking a snook at our Euro-cousins, we do at least have a
property market that seems to provide an attractive haven for money
in these difficult times.
Our local experience, while not quite reflecting the market in
central London, is of increasing activity since the second half of
last year. Property is trading, and for the right property at the
right price it is trading well. This is contrary to media
commentary and speculation.
Within the residential property sector there is the growing
realisation that nothing will ever be quite the same. Perhaps we
are at a moment in history, like the industrial revolution, when
everything changes forever through this financial revolution.
And we are not out of the woods by a long chalk. The Euro zone
problems, Greek and Spanish debt and the further pressure these may
bring to our own banks - already coy about lending money - will
create further challenges. But overall there seem two very good
places to be at the moment. One is in Britain and the other is in
property."
Back to Top (↑)