He said that while UK property companies do trade at a discount to net asset values, "the reality is no one knows what will happen to UK property after Brexit, we know there will be an effect, but we don't know if it will be a major effect or not.
"But because we don't know what the effect will be, we don't know what value the assets should have."
Mr Gergel added that domestically focused shares in areas such as banks may also be a bargain as they generate the bulk of their returns from within the UK domestic economy, and do not rely on European trade.
Philip Milton, who runs Philip Milton & Co, an advice firm in Devon, said it is obvious that the UK market is cheap, and the US market is expensive in valuation terms, and he doesn't view Brexit as a negative for the economy.
david.thorpe@ft.com
