The UK's exit from the European Union (EU) could open up new opportunities for foreign investors in the luxury property market, according to global consultancy Arcadis.

The country voted in favour of leaving the politico-economic union on 23 June.

Since the referendum, the value of Sterling has fallen by relative to the euro by 8%, and 9.5% against the US dollar, with further falls predicted before the end of the year.

While current market conditions are not ideal for the UK, Arcadis said the market is favourable for foreign investors to exploit "both a softening of luxury property values and a favourable currency arbitrage."

The consultancy added with Banks forecasting a Sterling recovery during 2017 and agents predicting some recovery of prime London house prices during 2018, those investing £2 million now may see their investments rise by as much as £250,000 in value.

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An influx of foreign investment may also help boost the UK construction sector in the long term. If increased competitivness is also matched by government funding for infrastructure, confidence in the new build sector will increase.

Mark Cleverly, Arcadis head of commercial development, said: "The market volatility we've seen as a result of the Brexit vote is, perhaps ironically, going to re-open the luxury property market to overseas investors, as several of our clients have already reported a bounce in enquiries following the referendum. This influx of investment coming into the UK could boost British construction again in the future as well as giving shot in the arm to the Treasury through increasing stamp duty receipts.

"For a market that, in some areas, has been stuttering for some time due to ongoing stamp duty hikes taking the steam out of buyer demand, the buying opportunity presented by recent events could be a big plus. More buyers means a more buoyant market which can only be good news for the industry."

(LM/CD)