Post Conservative Conference Comment: Sterling Reaches New Low

Following yesterday’s conservative conference, and Theresa May’s speech confirming that Article 50 of the Lisbon Treaty will be invoked no later than March 2017, we have seen sterling reach a 3 year low against the euro (£1 =€1.1460) and a 31 year low against the $ (£1 = $1.2796).

The devaluation of sterling, as well as further vulnerability in the weeks ahead, bodes well for foreign buyers looking to take advantage and step into the PCL market this autumn. However, if the government wants to see inward investment to help prop up the market in PCL to bring transaction levels back in line with figures seen over the past couple of years then the chancellor is also going to have to review the current SDLT levels in this autumn’s budget.

Our message at NVP continues to be positive for those vendors who price their properties in line with current market conditions as we are seeing increased viewing levels on properties which are priced correctly.  The autumn market is a short one, so any vendors wanting to sell before Christmas need to listen to their estate agent to avoid disappointment.

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