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Prices of all Rolex watches will increase by an average of 7.4% in the UK from January 1, WatchPro can confirm.

The increase has been long-expected after several major watch brands hiked prices after the summer in the UK as continued weakness of the pound against other major currencies gave the UK a significant price advantage over rival markets.

People visiting the UK from outside the European Union can claim back the 20% VAT applied to watches, making this country particularly attractive to shoppers spending American dollars, or those from Asia and the Middle East where currencies are pegged to the dollar.

Rolex authorised dealers are notifying customers that they should not put off purchases until the new year; giving them a boost ahead of Christmas after a difficult November and early December when political chaos and the general election appear to have dented consumer confidence. “This is good news,” one dealer told WatchPro this morning.

The price rise of 7.4% is not uniform across all SKUs, but WatchPro has used it as a guide to see the impact on key models.

A 40mm Rolex Day-Date in 18ct white gold is expected to increase in price by over £2,000 from £28,850 to £30,985. A white gold Daytona will go up by around £1,500.

The pound has strengthened against the dollar in recent months from a low of $1.2 to the pound to $1.3 today.

Even so, the UK will still be a less expensive place to buy a Rolex in the new year, although the price advantage will narrow considerably if the pound continues to strengthen.

Before the price rises, and American spending dollars in the UK could buy a 40mm Oystersteel Submariner (no date) for $8,970 in his home country. But, once VAT is taken off, the same watch in the UK could be bought for $6229, a $1,271 saving. The same calculation from January 1, if the exchange rate stays at $1.3 to the pound, will see that price difference narrow to a saving of $810.