Having written recently about how Prime Central London is enjoying a time in the sun after almost a decade in the doldrums, buying a property there just got even more tempting – if, that is, you’re spending dollars. And 66 countries worldwide are linked to the currency and affected by fluctuations in its value.
A property in Kensington and Chelsea will now cost dollar-based buyers two-thirds of what it would have cost them in 2014
Over more than four decades it’s been clear that the fortunes of PCL are affected more by geopolitical events and exchange rates than by domestic interest rates. Any global ‘black swan’ event – such as the removal of the Shah of Iran, the introduction of the euro, the LTCM collapse – has had an effect. In recent memory we’ve had the dollar and the pound achieving near parity twice (1985 and last week) and more than $2 to the pound in 2007.
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