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Is Brexit a luxury property opportunity

19 July 2016

Could UK’s departure from the EU mean there are property bargains to pick up? The UK has voted to leave the European Union, a decision that has already hit the economy and had an impact on the retail property market. Commercial property funds crashed down on the referendum result and economists expect the UK’s eventual withdrawal from the bloc to slow growth or even prompt a recession. But could it be good news for people looking to buy luxury properties? The answer depends partly on where you are: to foreign buyers, UK properties have just become ten per cent cheaper across the board, as the pound has plummeted against the dollar, the euro and other currencies. Even for British buyers, property could represent a pocket of “depressed prices where there might be good longer-term value as a result”, says John Redwood in the Financial Times. After all, he adds, “tenant demand is still good and rents provide better income than you get on government bonds or on many shares”. Source

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