Weak pound makes prime London 29% cheaper

first_imgHome » News » Housing Market » Weak pound makes prime London 29% cheaper previous nextHousing MarketWeak pound makes prime London 29% cheaperResearch by data firm Lonres reveals huge difference that exchange rates make to Capital’s property marketNigel29th September 20160631 Views The Brexit vote may have contributed to the current prime London woes but the ensuing pound bloodbath since June is set to save it, says London housing data firm Lonres.The company has crunched the numbers to work out how much cheaper London’s fashionable central postcodes are now that sterling has crashed against the dollar and euro, with surprising results.For those buying with dollars, Lonres says, average values paid including both currency changes and recent average price reductions of up to 10% make prime London up to 29% cheaper than 2014 when sterling and the overall market was at its strongest.“This makes prime central London, for those buying with dollars, the most affordable it has been since 2012,” says Marcus Dixon, Head of Research and Data Analysis at Lonres (pictured, below).And for euro buyers, it’s a similar picture. “Price falls and a weaker sterling have meant the amount paid per square foot in euros in prime central London has dropped by 26% from €2,684 per square foot at the peak in July 2015 to €1,997 in August this year,” says Marcus.“A combination of price falls and a weaker sterling could mean the next few months represent one of the most lucrative opportunities for overseas buyers for some time.”The pound has dropped from $1.49 to $1.30 (or 13%) a pound since its peak just before the Brexit vote, while the euro has dropped from €1.30 to €1.16 (or 11%) over the same period.Marcus Dixon LonRes prime london September 29, 2016Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more