Dexters bets on US buyers to ride out UK’s cost of living crisis
Dexters’ is “highly confident” that London’s property market will remain buoyant amid a cost of living crisis which is expected to weigh on house moving, CEO Andy Shepherd has told City PM today.
The London real estate agent revenue has spiked more than a third over the past year, from £108.7m a year prior to £143.3m in 2021. Meanwhile, operating profit has surged 75 per cent to £40.6m.
The company put its recent fiscal success down to an increase in deals across the capital.
Analysts, including those at rival real estate agents’ Savills, expect the market to slow as the cost of living crunch eats away at the finances of potential movers.
However, Shepherd has urged that as the UK’s economy spirals towards a recession, with inflation hitting a 40-year of nine per cent, the capital may catch the eyes of buyers overseas.
“London is and will remain the international capital of the world,” he said. “At present the pound is at an all time low against the dollar which is giving dollar buyers an effective discount when they purchase London property.”
Dexters, which currently facilitates around 28,000 transactions across London each year, has unveiled six new offices in the city over the past 12-months – across Finsbury Park, Peckham, East Dulwich and Telegraph Hill.
“Despite concerns over the cost of living crisis and the overall UK economy, Dexters remains highly confident about the London property market,” added Shepherd.
“Currently we are seeing a rising number of sales and Lettings deals and also the gradual return of international people seeking to either relocate or come to London on secondment.”