Foreign investors eye UK property after Brexit fallout
It is an ironic twist to the shock referendum result -- many who opted to leave the European Union saw their vote as a deterrent to outsiders looking to take advantage of economic opportunities in Britain.
The aftermath of Thursday's vote to leave the EU saw the resignation of British Prime Minister David Cameron and the collapse of the pound to a 31-year low. There was pandemonium on currency, equity and oil markets. At around 2100 GMT Friday, sterling was down about 8.8 percent against the dollar compared with Thursday night, and foreign exchange experts predicted more weakness ahead.
Property prices are also expected to take a hit, with reports of buyers pulling out of transactions due to market uncertainty. But while there may be a "wait and see" approach for some, ambitious foreign investors are on the hunt for bargains while the exchange rate is so low.
"Several of my opportunistic investors have said we really ought to think about this seriously, and to think whether we should take advantage of this new window in the market," said Nicholas Brooke, chairman of professional property services for the Royal Institution of Chartered Surveyors.