BREXIT !!!

It's a stunner. Britain has voted to leave the EU.  My taxi cab driver thinks it's "good pay back" to the politicians who allowed "foreigners" to come and drive taxis and cut into black taxi revenues.     

The young lady from Romania, who sells coffee in Hyde Park is shaking her head, and telling me how she doesn't know if she will be able to work here any more.  "It's such a confusing situation" she says asking "do you know what will happen now"?

My banker predicts an exodus of financial services employees and before you could say the word "currency" the pound had already declined dramatically.

You will see market letters from the big property agencies trying to paint something positive but the fact is it just isn't good in the short term for the property market.   Certainly not for speculators, certainly not for second home buyers, certainly not for any one looking for short term gains. 

But, for real residents who need homes for their families to live in a safe and prosperous Britain,  it's a buyers market.  That means, the buyer is in the drivers seat for the course of 2016 and perhaps beyond. Prices will  no doubt soften even more but currency drop makes the pound more easy to manage.  And the legal system which guarantees ownership and safe transactions will remain in place.   London is still London.  Britain is still the fifth biggest economy in the World.  But surely it's not the same Country it was the day before the vote to leave the EU.