There has been no slowdown in the number of high net worth foreign nationals purchasing UK property since Brexit, according to Investec.
The private banking operation, which has a high number of foreign national clients working in financial services, reported a devaluation in Sterling and continued confidence in London as a financial centre have cancelled out fears around the uncertainty of the outcome of Brexit negotiations, as well as the impact of tax changes for buy-to-let landlords.
Investec calculated a purchase of a UK property investment worth £1m on 23 March 2017 would have cost $250,000 (£201,295) less than on 22 June 2016.
Peter Izard, business development manager at Investec, said: "London still remains international investors choice, having a strong and safe political climate, safe title.
"It remains the international financial services centre of the world. Brexit uncertainty is not a major issue for international buyers and could as easily bring as many positives as negatives."
He added Brexit uncertainty will play on people's minds, but the government's announcement that it intended to lower Corporation Tax to 17 per cent, as well as the imminent opening of Cross Rail as well as the Nine Elms and Battersea developments which will see an extension of the Northern line in 2019, were all mitigating factors.
London is not the only beneficiary of inward investment.
Mr Izard said: "London rental yields have fallen and with that investors are looking outside London and areas where they can achieve better yields.
"Manchester is amongst some of the Cities where this is the case."
david.rowley@ft.com
