Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Reuters Today: Spanish yields seen rising at auction
Reuters Today: Spanish yields seen rising at auction - 06:21
Surprise services boost points to UK recovery
Surprise services boost points to UK recovery - 02:54
Breakingviews: Do as I say, not as I do – German wages
Breakingviews: Do as I say, not as I do – German wages - 05:04
Market Pulse: Spain under fire as investors shun bond sale
Market Pulse: Spain under fire as investors shun bond sale - 03:28
Myanmar's Kyat begins managed float
Myanmar's Kyat begins managed float - 01:59
ASEAN: territorial code of conduct draft by year-end
ASEAN: territorial code of conduct draft by year-end - 01:48
U.S. Morning Call: Stock futures down, JPMorgan to be fined
U.S. Morning Call: Stock futures down, JPMorgan to be fined - 02:08
EMEA Day Ahead:: Thursday
EMEA Day Ahead:: Thursday - 03:13
3XSQ: Customer funds in question; royal return
3XSQ: Customer funds in question; royal return - 05:44
Still cashing in? Hirst retrospective
Still cashing in? Hirst retrospective - 02:32
World's biggest car delivery center
World's biggest car delivery center - 02:41
FACTBOX: Titanic the movie sails again
FACTBOX: Titanic the movie sails again - 02:20

UK property purchases plunge post-Brexit

Friday, July 29, 2016 - 01:32

London-based estate agent Foxtons is blaming a 42 percent drop in profit on Britain's EU referendum. But as Laura Frykberg explains, the weak pound means luxury properties are still managing to attract interest.

▲ Hide Transcript

▶ View Transcript

Property purchases have plunged. According to Foxtons at least. First half profit at the London-focussed estate agency has fallen 42 percent. It blames Brexit. And predicts the fall in transactions to last until the end of the year. (SOUNDBITE) (English) FXPRO, HEAD OF RESEARCH, SIMON SMITH, SAYING: "There is more potential for negative impact from the uncertainty created." Buyers in Britain may be fearful, some overseas see opportunity though. This site is being built into a little piece of prime London luxury. At 7.2 million pounds per unit, it seems pretty pricey. Developers say it depends which currency you use. (SOUNDBITE) (English) NICCOLO BARATTIERI, CEO OF NORTHACRE SAYING: "The pound has substantially weakened. Especially against the dollar. So if you look at the profile of our buyers a lot are dollar denominated buyers, either directly dollar denominated or pegged to the dollar. So in the last month, apartments are 10 percent cheaper for them." Suspension of UK property funds, analyst downgrades and warning about price falls rattled investor and buyer confidence after the vote. Despite that, viewings here have actually increased in the past two weeks. (SOUNDBITE) (English) NICCOLO BARATTIERI, CEO OF NORTHARCE SAYING: "During uncertain and difficult times, industries get cleaned up a bit and the stronger become stronger. And we believe because we are market leaders we will become stronger than we were before." That may be the case for this company. But economists say the full impact on the industry will only become clear once Britain begins its official exit.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

UK property purchases plunge post-Brexit

Friday, July 29, 2016 - 01:32

Featured Videos

London's female wrestling scene boosted by Netflix show 'Glow'

London's female wrestling scene boosted by Netflix show 'Glow'

There has been more interest in female wrestling and a clearer sense of what it involves since hit Netlfix show 'Glow' came out
Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors

Chimpanzees can understand rock, paper, scissors, Japanese primatologists show
Bladerunners - UK lawnmowers in 12-hour endurance race

Bladerunners - UK lawnmowers in 12-hour endurance race

Drivers donned their suits and climbed into their cockpits at the weekend for a 12-hour endurance race with a difference: they weren't driving rallying cars, but lawnmowers
The highs and lows of Macron's first 100 days

The highs and lows of Macron's first 100 days

French President Emmanuel Macron heads into the summer break faced with falling popularity ratings after tough debates in parliament over labour reform and a public ethics law, a standoff with the military and cuts to housing assistance
The vending machine helping fight against HIV

The vending machine helping fight against HIV

An innovative vending machine for HIV tests being piloted in Britain aims to help in the fight to end the epidemic