Arcadis said its clients had reported “a bounce in inquiries” since the referendum, with investors keen to make the most of the favourable exchange rate. The fall in the value of the pound meant that a buyer converting their money from the Chinese yuan was on Tuesday able to buy a £1m property for £112,245 less than before the vote, Cleverly said. The firm’s head of commercial development, Mark Cleverly, said that family offices, which represent wealthy clients, had also been “pretty active” in the market. The plunge in sterling following the UK’s decision to leave the EU has prompted a flurry of interest in luxury homes in London from overseas buyers, who stand to save about 10% of the cost of buying a £1m property, a property consultancy has claimed. On Wednesday, it briefly fell below $1.28 before recovering slightly, but it remains at levels not seen since 1985.

Source: The Guardian July 06, 2016 22:52 UTC