Overseas UHNWs waiting to buy super-prime UK property if pound collapses due to No Deal Brexit
Overseas Ultra High Net Worth investors are primed to purchase more super-prime UK property should the pound collapse in the event of a No Deal Brexit, says Boodle Hatfield, a private wealth law firm.
Lockdown restrictions have prevented many from travelling to the UK to view properties in person, meaning some purchases will be made off-plan or without viewings. However, with Gulf states such as Saudi Arabia, Qatar, Bahrain and UAE being added to the UK travel corridor in recent days, more HNWs are expected to fly to the UK to conduct viewings.
Shaima Jillood, Partner and Joint Head of Middle East at Boodle Hatfield says: “There are Middle Eastern investors closely watching exchange rates and UK investment opportunities in the hope that they can snap up prime London properties at a relative bargain.”
“Even if a deal is negotiated at the last minute, UHNWs are betting on a weaker pound. Some are prepared to pay over the asking price as they’ll still stand to make substantial savings.”
“Despite the impact of coronavirus on other parts of the economy, the high end of the residential market has seen high activity levels. In some cases, bidding wars have broken out between cash-rich Middle Eastern investors. Should Sterling take a hit from a No Deal Brexit, we can expect these to become commonplace.”