Explain why property investors are expected to sell in London and buy in New York and why a fall in the pound might make this predicted effect of Brexit less likely.

Property investors are looking outside London in the uncertain climate created by the U.K. vote to leave the European Union—Brexit. New York could gain from this changed outlook, but that’s not all good news. It could add further upward momentum to an already overheated U.S. property market. A fall in the U.K. pound might moderate some of these predictions.