4 Jun

Beware of Greeks Bearing Debts

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."