Weaker pound lowers costs for foreign visitors, study finds

Weaker pound lowers costs for foreign visitors, study finds

New research revealed on Monday the silver lining of a Brexit-bashed pound for overseas business visitors staying in the nation’s capital.

The leading serviced apartment provider Cuckooz looked at how much more affordable the weaker pound has made a trip to the capital for those on business visits.

With the extended halloween Brexit deadline approaching, the only thing certain for the UK is additional uncertainty. But for visitors coming abroad, now might be a good time for a trip to the nation’s capital.

The research looks at the average cost of staying in London and how this translates to ten different currencies based on the current exchange rate and the exchange rate before Brexit.

According to Cuckooz, in June 2016, the average hotel room would have cost €183 each night. However, the weaker pound today has knocked the price down by 9.2% to €166.

What the research reveals, however, is that the largest amount of savings is for those visiting from Japan.

Cuckooz said that the Yen has gained the most ground on the pound – a hotel in June 2016 would have cost the equivalent of £170 per night, down 12.6% today at the equivalent of £148 per night.

Brexit may be weighing heavy on the minds of many, particularly those with business ties to the UK, but as it continues to drag on one inadvertent consequence has been the discounted costs of visiting the UK on business as a result of a weaker pound,” said co-founder of Cuckooz, Charlier Rosier.

“While we’re not talking hundreds of pounds saved, this does spill over into other areas outside of accommodation and this overall better value for money seems to be stimulating an uplift in the number of people travelling,” the co-founder continued.

“Those visiting for business often stay on a longer-term basis and for them, the saving has become more considerable than it has for the weekend visitor. We’ve seen the value of our serviced apartments increase by as much as 16% for some due to fluctuations in currency and this is a pretty considerable saving for those visiting for months at a time.”