The UK’s decision to leave the European Union will be positive for the property industry and attract more international investment according to Richard Tice, chief executive of Quidnet Capital, and co-founder of the Leave.eu campaign.
“Very quickly people will realise that the pound/dollar rate at these levels is a huge buying opportunity, let’s go and buy some real estate in London and let’s go and invest in businesses. I think all of this will blow over. There is short-term turmoil and markets always overreach themselves,” he said.
The pound has dropped by 10% overnight and now stands at a 31-year low against the dollar.
The uncertainty in markets must be dealt with by the prime minister David Cameron and the chancellor George Osborne according to Tice and “their complicit international institutions that have unnecessarily scared people and allowed the markets to be spooked a bit”.
The result, Tice predicted, would see the chancellor lose his job but Cameron remain in power.
“My view is George Osborne will be thanked for his services of chancellor and someone else will take over and that will be the price that will be paid for Cameron to keep his job.”
His advice to the British public and the industry was “to calm down, enjoy the weekend, hopefully the weather will be nice – we have July around the corner – nothing changes, the sun rises, the trains will still run and there is still food on the shelves. I think the British public will realise that.”