Prime Central London will see activity surge
Prime Central London will experience a surge of activity as the value of sterling falls, London Central Portfolio letting agents have predicted.
The value of sterling has fallen to the lowest level against the dollar since 1985 after the UK voted to leave the European Union and David Cameron announced his resignation.
Naomi Heaton, chief executive of London Central Portfolio, said: “Prime Central London real estate is expected to benefit from a flight to quality and the security of blue-chip tangible assets, against a background of highly volatile financial markets.
“It is now likely that property prices in Prime Central London will increase. Whilst LCP had originally predicted that this would not occur until 2017, the signs are that the re-entry of investors into the market will be more rapid than originally expected.
“LCP have received a stream of enquiries from the early hours of this morning.”
Economists have predicted the Bank of England cutting interest rates this summer to prop up the UK economy.