Overseas property investors stand to benefit from Brexit

by: Fiona Nicolson
  • 07/07/2016
  • 0
Overseas property investors stand to benefit from Brexit
Brexit has opened the door to foreign investors in luxury property, according to design and consultancy firm, Arcadis.

The company says that currency volatility sparked by the recent Brexit vote could see overseas investors make major profits, by continuing to invest in London luxury homes.

Mark Cleverly, UK head of commercial development, said: “The market volatility we’ve seen as a result of the Brexit vote is, perhaps ironically, going to reopen the luxury property market to overseas investors, as several of our clients have already reported a bounce in enquiries following the referendum. This influx of investment coming into the UK could boost British construction again in the future as well as giving a shot in the arm to the Treasury through increasing Stamp Duty receipts.

“For a market that, in some areas, has been stuttering for some time due to ongoing Stamp Duty hikes taking the steam out of buyer demand, the buying opportunity presented by recent events could be a big plus. More buyers means a more buoyant market which can only be good news for the industry.”

While the luxury market looks set to boom, MPs have launched an enquiry into the housebuilding industry, which it says has left the country “in a crisis”, due to its failure in keeping up with demand for new homes.  So far, the government has missed its target of creating 275,000 new, affordable homes, which it said were needed to address the UK’s housing shortfall.

 

 

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