Weaker Sterling May Spur UK Luxury Real Estate
Sterling fell against the U.S. dollar and other currencies on Friday through Monday, after a surprise victory in the “keep” vote in the UK referendum to leave the European Union (EU).
“We had customers come to us over the weekend, said, We want the pile at the moment; we think that currency devaluation is good news for us,” he told CNBC on Tuesday, miles Gibson, head of research in the UK in the commercial real estate company CBRE.
The dollar pared some losses, but analysts and investors say that the route to work. For example, Mike Amey, head of sterling portfolio management at pimco, told CNBC on Tuesday the sterling could fall to $1.20 and $1.25, below a 31-year low of $1.315 reached on Monday.
Meanwhile, Julius Baer economist, David Meyer, saw the Euro rose to £0.93 against the pound for three months, with parity possible over the next 12 months.
“Prices will probably fall in some areas as the market confidence drops, but may increase due to the massive discount now available for foreign buyers,” Andrew Teacher, managing Director of Blackstock Consulting, which works with construction companies, said on Friday.