London property owners are paying thousands of pounds a year more than they were before the Brexit vote to avoid paying the full price of their homes.
Listed properties in the capital that have recently seen a surge in demand include a property in St Paul’s Park, an apartment in Knightsbridge, and an office block in Chelsea.
The property boom has seen London’s housing stock explode with many tenants opting for apartments instead of private homes.
Conex group, which owns and manages properties across the capital, is paying the average rent for a new apartment in London at £1,835, compared with £1.2 million a decade ago.
The firm also plans to double the number of new residential properties in London to 10,000 this year, up from 7,000.
The group owns properties across central London including Belgravia and Belgravian, and plans to add 10,400 homes over the next decade.
In recent months, the firm has also added an additional 7,300 properties in Surrey and Essex.
A recent survey by property website The Real Estate Institute (REI) found that London property investors are paying between £100 and £200 more a year for the same property.
The price of an average London home in the London area has risen by more than 40% since the Brexit referendum.
REI’s survey found that the average London property is now worth £1 million more than it was before the vote.
RE I also found that a whopping 80% of London property buyers are considering buying a new property in London in the next five years, compared to a mere 10% before the referendum.
Some London property managers have said that if the UK remains in the European Union, they will be unable to take their clients to the US for a second time because the UK will not be able to trade with them.
“I think that we will not have the opportunity to trade on the same terms in the future as we did before the European referendum,” said Matt Dickson, managing director of Newham property.
“So that will cause us to be priced out of London.”