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Brexit and the South West London residential refurbishment market

No matter which way you voted, the result of the referendum on the 23rd June came as a shock to all of us. Few companies or individuals were prepared for it which even included the politicians representing the leave campaign. It is now eight weeks since the result and the trends and changes to the South West London residential refurbishment are very interesting to see. We think it took a fortnight for people to get used to the result and then we surprisingly saw a weekly increase in refurbishment sales enquiries peaking at one stage at nine per day. The number of design and Interior design projects we have won has increased pro rata since Brexit, and while many people have sat on their hands over the past weeks, we are seeing people return from the beaches and appointing us to carry out their build work. We have noticed that the demographic of our enquiries has slightly changed; more European clients are contacting us which is very similar to 2012 / 2013, and we are noticing a spike in planning applications for basements, probably due to concern that basement planning law might change again within the SW London Boroughs.

So it is business as usual across South West London. It is not what we were expecting and we have been trying to think why there has been no change and to an extent, an increase in enquiries and activity. We have put it down to the fact that the economy is far stronger than it was in 2008 / 2009, that stamp duty at record levels is hindering house movement with people preferring to refurbish and we also think that people are not taking a risk on an unproven design and build company. BTL grew through the last recession and having been formed in 2002 we have weathered many a storm before. It will be very interesting to see what the next month brings.



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