EU Referendum could boost visitor numbers to UK, says Colliers

Favourable exchange rates as a result of last week’s EU Referendum results could bring more visitors to the UK, according to estate agency Colliers International.

That’s the view of the company’s hotels director, Peter Brunt, who claimed the public’s decision to leave the EU could provide a “much needed tonic for the leisure sector hoteliers and publicans”.

He said tourist areas such as the Cotswolds, Ludlow, Bath, Dorset, Devon and Cornwall could benefit from an increase in overseas visitors now the pound is more affordable for international tourists.

He also claimed that UK tourists may now decide to take domestic holidays due to the “escalating” costs of overseas travel.

Brunt said: “With a weaker pound we should see more tourists, both ‘staycation’ and from abroad. This has to be good news for locations like the South West peninsula and the Cotswolds.

“The value of the British pound down relative to the US dollar, making it likely that more US travellers will also be visiting Britain to take advantage of the disparity.”

The hotel industry is unlikely to be “significantly affected” by the referendum decision for the UK to leave the EU, he claimed.

He added: “The hospitality industry is in much better shape than it has been since before the downturn, with visits to the UK rising 5% in the 12 months leading up to April.

“I feel sure that this industry will remain resilient and the people of the UK, the market and financial institutions will get used to the idea that we have left the EU.

“My gut feeling is that the immediate few days, are going to be the most unsettled for us. After that I believe that normal life will begin to return and my tone with buyers will remain upbeat and positive.

“Nothing should, in my view, cause buyers to make a seismic shift in their decision making about acquiring a hospitality business.”