Brexit – real estate in Blighty might be cheaper now

Following the historic divorce between the United Kingdom and the European Union after 43 years, there might be a teeny weeny silver lining for the growing number of ambitious Indians looking to travel to England or purchase real estate there, probably even in London!

Since the lead up to the referendum on whether the UK should leave the EU and after Brits voted to leave, the once mighty pound sterling has fallen sharply.

The depreciation of the pound sterling will not only make travelling to the UK cheaper, but for those having truly high aspirations, real estate in the country might also have become relatively affordable.

JLL India Country Head and Chairman Anuj Puri said, “The GBP is presently at a 31-year low, which itself provides an attractive rationale for foreign investors with an appetite to do so to acquire properties in the UK.”

With the devaluation of the pound, wealthier individuals would certainly keep a close watch on the effect of Brexit on UK’s property prices. The UK, and predominantly London, has always held a special attraction for Indians, particularly for high-net-worth individuals who have business interests and family there. “”The combination of devaluation of the pound and lower prices would attract Indian investors looking to acquire assets in the UK,” Knight Frank India CMD Shishir Baijal said, adding that London has always been a favourite destination for Indian property buyers and it augurs well for the Indian investors to make their move now.