Brexit Delivers Bargain Pricing for U.S. Buyers

by | Jul 7, 2016 | News, YachtWorld

The British pound (GBP) hit a 30-year low against the U.S. dollar (USD) after the Brexit referendum’s results were released, immediately creating an opportunity for American buyers with dollars to purchase U.K. boats advertised for sale with GBP pricing. As of July 7, the value of the GBP had declined nearly 13 percent against the USD, from $1.48 to $1.29.

The process of extricating the UK from the EU could take up to two years, but many brokerage yachts are currently for sale to holders of other currencies at a major discount. A 2008 Sunseeker Predator advertised for £2.73 million would have cost a buyer $4.04 million in late June but would now only require $3.53 million to purchase. The price in USD for a 2004 Jeanneau Sun Odyssey 54 DS selling for £199,950 effectively dropped from $296,000 to $258,000.

“There are almost 10,000 boats on YachtWorld for sale in GBP,” said Alastair Walton, Sales Director for YachtWorld International. “We are already witnessing an increase in inquiries from the U.S. and other countries.” Walton also said that the British currency’s value against the Euro had fallen by close to 10 percent, creating a significant discount for buyers elsewhere in Europe, as well.

According to William Burns, Brokerage Director of Sunseeker London, their work with brokers all over the world on the sale of larger listings “is only set to increase as a direct result of the currency swing.” Burns also noted that his brokers are encouraging sellers to bring boats to market now to service the rising demand.

Search through the co-brokerage listings available outside the USA through the BoatWizard MLS, or contact your YachtWorld Account Manager for assistance.