It’s one week on from that meeting; that blowout in The Oval Office; that… well, let’s call it that ‘spectacle’, which gripped us as a nation (gripped the whole world, probably), and has dominated our 24-hour news cycle ever since.
As with so many global events, there is a question to ask: what does it mean for our domestic markets, including our property market, and including our local property market here in Edgware?
Let’s take a deeper dive into how this extraordinary event—and the week that followed—might impact our local housing market in North London and, of course, whether it has an impact on your own potential move if you are in the market for a property sale or purchase.
There are plenty of political commentators, analysts, and broadcasters more qualified than we are who can’t yet agree on what we saw last Friday; was it an ambush, a righteous quarrel, or a genius move in the art of a deal?
I’m not here to comment on that.
(Besides, I am sure you have your own opinion.)
Whatever it was, though, it definitely wasn’t pretty, and what we do know, at least, is what we didn’t see.
We didn’t see the signing of the Rare Earth Minerals agreement that had been slated to take place. Many were vaunting that as a true step towards a ceasefire in Ukraine.
Could the Oval Office Fall-Out Impact the Property Market Here in Edgware?
The mix of 1930s houses, modern developments, and leafy streets of Edgware is a long way from the war-battered towns and cities of Ukraine.
The independent shops, kosher bakeries, and vibrant local high streets would seem a far cry from the pomp of the highest office in the (so-called) free world.
But nevertheless, we live in a global village, and the reality is that we are connected to what goes on in global affairs. We should know this only too well from the last decade, where we have seen:
Each of these had a direct impact on our local property market, which we were swept along with rather than able to control.
History has shown that global political events – even those unfolding thousands of miles away – can have unexpected consequences for local markets. Edgware, like the rest of London, is not immune.
So how might the events of last Friday in the White House play a part in our local property market story?
The UK property market thrives on certainty, and that is true for the Edgware market as well—from interest rates to political stability, from economic forecasts to consumer sentiment. When global or political shocks occur, the immediate effect can be simple hesitation:
I say ‘simple’ hesitation—but hesitation can have one of the most profound effects on the market that we see.
Will this latest political spectacle have such an effect? While the UK property market is resilient, the next few weeks may see a dip in transaction volumes as both buyers and sellers take stock of the situation.
A more tangible impact could come via interest rates. If this political turmoil leads to instability in the global economy, we could see central banks – including the Bank of England – reassess their rate policies.
This is particularly relevant given the recent concerns about a US/Canada, US/Mexico, and US/China trade war.
For first-time buyers in Edgware, mortgage affordability remains a key issue, and any shift in rates could influence decisions in the coming months.
London’s property market—and North London areas like Edgware—has long been a magnet for foreign investment.
Political instability in major economies often leads international buyers to seek safe-haven assets, and UK property is often high on that list.
At the moment, the value of the dollar has dropped quickly, and that has put the pound in a stronger position. The stability of the pound might encourage those investors over—but, for American investors, the value of their dollar is now not going as far as it did, so there is an instant trade-off.
For Edgware homeowners looking to sell, the question is whether this moment draws in fresh capital or causes further market jitters.
One of the unique aspects of Edgware and surrounding North London areas is their strong local demand. While prime central London properties are more sensitive to global movements, the Edgware market is driven by a mix of families, young professionals, and local investors.
This suggests that while macro events may cause short-term caution, the fundamentals of Edgware’s property market remain solid in the long run as well as attractive in the short run.
So, if you’re thinking of buying or selling in Edgware, should you wait or move ahead? Here’s how different scenarios could play out:
? If you’re a buyer: Now may be a time to look for motivated sellers who are willing to negotiate, especially if short-term uncertainty causes slight dips in asking prices.
? If you’re a seller: If your move isn’t urgent, it may be worth watching how the market reacts over the next month. But if you need to sell, pricing competitively and working with an experienced local agent will be key.
? If you’re an investor: Any sign of interest rate cuts or renewed foreign interest could mean London remains a strong long-term bet, even amid short-term uncertainty.
This latest political event, whatever its long-term consequences, serves as a reminder that global turbulence always has local ripple effects. Whether those ripples turn into waves for the Edgware property market depends on how buyers, sellers, and investors react in the coming weeks. For now, the impact has been limited – a bit of a blow to foreign buyers here whose purchases have not gone through yet, as the value of the pound has increased, but other than that no major shake up.
For now, what is the best move? I would say: stay informed, stay flexible, and keep an eye on both the bigger picture and the local details – not least, by keeping an eye on our blog page.
As history shows, the UK property market has a way of adapting, recalibrating, and marching on.
We are required by law to conduct anti-money laundering checks on all those selling or buying a property. Whilst we retain responsibility for ensuring checks and any ongoing monitoring are carried out correctly, the initial checks are carried out on our behalf by Lifetime Legal who will contact you once you have agreed to instruct us in your sale or had an offer accepted on a property you wish to buy. The cost of these checks is £60 (incl. VAT), which covers the cost of obtaining relevant data and any manual checks and monitoring which might be required. This fee will need to be paid by you in advance of us publishing your property (in the case of a vendor) or issuing a memorandum of sale (in the case of a buyer), directly to Lifetime Legal, and is non-refundable. We will receive some of the fee taken by Lifetime Legal to compensate for its role in the provision of these checks.