How Will ‘Brexit’ Have An Impact Bournemouth’s Luxury Property Market?

Mar 10, 2016 | Blog

The average property price has risen by over 2000% since Britain joined the EU, recent research suggests. In the run up to the referendum on Britain exiting the EU, nicknamed Brexit by the media, many argue (somewhat logically) that prices will drop by up to 5% should we leave. Good news for buyers with a long term approach to property ownership, not such good news for buy-to-let or sellers. But is this true of all properties across the UK, and what specifically could it mean for Bournemouth? City A.M. reports a warning that “many UK residents will be impacted by property prices, which is likely to be the primary concern of many people, since their home is likely to be the most expensive asset they will ever own.” It’s hard to determine if this is just panic talking but if this is a legitimate concern, many property owners and buyers might be wondering if it extends to the luxury property market on Britain’s exclusive south coast where expensive assets range from homes to super yachts, land and luxury motors.

The truth is, while there seem to be mixed opinions on what this means for the UK as whole, most Bournemouth residents and business owners believe Bournemouth is more than equipped to compete internationally in the case of a ‘Brexit’, with some claiming it will simply serve to increase the exclusivity factor. Although Bournemouth has long been famous for catering for absolutely everyone from students to retirees, families to the rich and famous, nature lovers to holiday makers, it’s always maintained its quintessentially English appeal. It’s an adult playground and luxury hotspot heaven, with millionaire and billionaire haven Jersey a short yacht ride or flight away. It has fantastic public transport links including an airport as well as other private airstrips, it’s accessible by road and sea, and it has some of the finest eateries and luxury hotels in the country, not to mention it is jaw-droppingly beautiful. So it’s practically impossible to imagine Bournemouth’s massive appeal ever waning. Mark Constantine, who co-founded cosmetic retailer Lush on Poole High Street twenty one years ago, recently stated, “For exporters like Lush, being in Europe is very important. Should Britain come out of Europe, it would put a lot of pressure on us to move parts of our business that are currently in Poole into countries that are part of the EU.” However Simon Boyd, a Director at Reidsteel in Christchurch and Chair of Business for Britain South West feels very differently, “Far from making it harder to export, leaving the EU would make it easier for us. Leaving the EU would also enable British businesses to be more competitive in the UK.” It would seem that Bournemouth’s accessibility leaves it well positioned to thrive in a globalised economy.

And what about the property market? Well, local residents and business owners alike are agreeing with Mr Boyd. One Ringwood-based property developer declares, “More than £400bn of housing wealth is tied up in properties where owners desperately wish to scale down.” They’re now planning to erect twenty-three luxury retirement flats for those who wish to wind down without compromising on the high standard of living they’re accustomed to. And there is certainly enough in the area to continue pulling in the crowds, retaining Bournemouth’s position as one of the most competitive property markets in the country. Numerous fine-dining restaurants and experiences are now available and continue to multiply, and with the elite level of many of its inhabitants, a wealth of entrepreneurial opportunities are being created, in turn boosting the local and international job markets. Bournemouth-based entrepreneur James Fowler, who began his career as a humble smoothie vendor and rose through the ranks to owning a sell-out, fine-dining restaurant and winning the 2014 World Class UK Bartender of the Year states, “Hospitality is all about making changes, making things better. The world of hospitality is huge. It’s not just about standing behind a bar – it opens doors to travel the world. You can get a job anywhere.” So, regardless of your thoughts on the June referendum, one thing is for sure; Bournemouth isn’t worried one bit. In fact, anyone who’s anyone in Bournemouth is sitting back, sipping James’ cocktails and deciding how to embrace the opportunities coming their way.

To find out more about luxury property opportunities of your own in the area and make an investment you won’t regret, contact award-winning luxury lifestyle specialists Saxe Coburg today on 01202 303 066.

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