I was talking to someone last night who lives in the same house as his ancestors have for almost 500 years. This is old money, not hedge fund money, not investment banker money, not wide money and not foreign money. It’s good old fashioned money that’s still there because, in this case, over 20 generations have chosen to be careful and have only bought things when they know it’ll be looked on by following generations as having been a safe bet.
The works we’ve carried out in Central London this year to old money parents looking to future generations, I think it’s fair to say that at least one group of buyers is content to look on the falls as enough to warrant a cautious re-entry.
Current activity in the centre of London might be due, in part, to Euro buyers piling in as their own currency weakens but my long experience tells me that when old money comes back it’s only for the better.
There are many who are desperate to see prices falling by another 50% from where we are now, but simple examples would seem to mitigate against this, perhaps people should stop studying graphs.