An American fleeing President Trump? Head to London where Brexit makes house prices cheaper for you
Sharp fall in the value of the pound against the dollar hands Americans a discount worth thousands.
Americans are being urged to look to London if Donald Trump is elected as president because the Brexit-triggered collapse in the pound's value has made buying a home in the city nearly 10% cheaper for those whose money is denominated in US dollars.
If the controversial Republican nominee is elected as US president on 8 November, 28% of Americans said they would consider leaving the country, according to a Morning Consult/Vox poll.
Both he and his rival, the Democrat Hillary Clinton, are deeply unpopular with voters. Trump is embroiled in race, sexual assault, and financial scandals, while Clinton is accused of using a private email server for sensitive government business while secretary of state.
"For Americans left cursing Clinton or terrified of Trump, it's worth considering a move to London," said Nick Davies, head of residential development at the estate agent Stirling Ackroyd. "The recent fall in the value of the pound against the dollar means there are great deals available in the London market for buyers from across the Atlantic."
Stirling Ackroyd said an American buyer of a property priced at the London average, which the Office for National Statistics said was £489,000 ($608,490) in August 2016, is now $62,000 cheaper than a year before because of the currency advantage.
Since Britain voted to leave the EU in a referendum on 23 June, the pound has fallen sharply against the US dollar amid uncertainty about the country's economic future. Some analysts believe it could even reach parity with the dollar. At the time of writing, £1 is worth $1.24. At the beginning of November 2015, the US dollar was around $1.60 to £1.
© Copyright IBTimes 2024. All rights reserved.