There's a lot of doom and gloom in the UK surrounding Brexit. But while many investors are choosing to wait and see what happens, there's another argument that says potential buyers interested in property in London could look to take advantage of conditions that have turned in their favour over the past year.
Property prices are down 0.1 percent in London over the last 12 months, according to the Hometrack Cities Index. Over the same period the pound has receded 11 percent in value against the dollar, which the UAE Dirham is also pegged to.
With the US Fed indicating further interest rate hikes, possibly four over the next 12 months, the pound is expected to remain under pressure.
“Despite a certain degree of uncertainty from a macroeconomic perspective there is still a high degree of confidence from buyers both home and abroad in the London property market particularly when currency exchanges rate are taken into consideration,” said Nick Witty, managing director, Chesterons MENA.
In this edition of Inside AB, Bernd Debusmann and Jeremy Lawrence look at the rends shaping the future price of London prime property.
(Source: Arabianbusiness.com YouTube channel)