Weaker pound on Brexit

A reported study by FXcompared this week showed that more than half of Britons are worried a vote to leave the European Union will cause the pound sterling to weaken, in a regional breakdown the poll showed 69% of Londoners were worried about the impact on the pound, with around 50% saying its performance before the referendum would be an important factor in their vote.

The pound has been on the slide since November last year, and has been even more volatile since David Cameron set a date for the referendum on whether Britain should leave the EU.

Currency markets are difficult to predict, experts agree there seems no sign of recovery in the pound before the Brexit vote on 23 June, the closer the polls predictions are will cause uncertainty and that could weaken the pound even further. Swiss bank UBS warned this week that the pound could fall to parity with the euro if Britain votes to leave the European Union.

As much as a weak pound dampens demand by Brits for overseas property and leaves holiday makers going abroad with less to spend, in reverse overseas buyers of UK property and investors in commercial property will benefit.

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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