Weak British pound creates Brexit vote irony over UK property market
Weak British pound creates Brexit vote irony over UK property market
Overseas buyers’ enthusiasm for the bargain-basement discounts on British property caused by the crash in sterling’s value is still increasing, with Russian and South African investors getting the best deals and EU buyers not far behind.
Due to the pound’s rapid devaluation after the Brexit referendum, discounts due to currency fluctuations range between 21 and 16 per cent of asking prices before June 2016. Although Britain’s housing market growth has slowed over the past 12 months, foreign demand is ensuring continued growth, thus avoiding a house price recession.
Overseas demand for British property isn’t just focused on the buy-to-let market and continues to involve investors from across the world as well as Brit expats looking to secure a property for their eventual return. Since the drop in average prices on prime London homes, the rest of the UK is looking attractive, especially for UK professionals based in the Gulf States. Even Scotland and the West Country are getting attention from expats in Dubai and Qatar.
Other countries whose investors are taking a serious look at UK real estate include Brazil, Nigeria and Australia. The recent increase in stamp duty seems to have had no effect on the present boom, with one expat mortgage company reporting a 130 per cent increase in enquiries over the past year.
Apparently, London is still considered a safe haven for property investors interested in the long-term, with wealthy buyers whose kids are studying in the capital buying for their immediate need as well as for property price increases over a number of years.
Knightsbridge is still the favourite for mega-rich buyers and, at the other end of the scale, the North-West of the UK is popular with Middle Eastern and Far Eastern buy-to-
Related Stories:
- Local French communities mourning the Brexit loss of Brit expat councillors and voters - July 13, 2020
- Amsterdam voted top for expat entrepreneurial startups - July 9, 2020
- Spain issues new rules for British expat residents - July 7, 2020
- Tips for buying investment property as an expat in Dubai - July 3, 2020
- Hong Kong expat financiers choosing their city over London and the UK - July 2, 2020
- Expats lose whilst health insurers win due to Brexit - June 30, 2020
- Survey shows Spain still favourite for British expat retirees - June 29, 2020
- UK expats in Portugal to get support and help in residency procedure - June 26, 2020
- Dealing with Brexit and the pandemic as a new expat in Spain - June 24, 2020
- Coronavirus is killing Bali�s expat aimed luxury housing market - June 10, 2020
Latest News:
- Tips on a trouble-free relocation as an expat overseas - July 20, 2020
- Expats find peace in the covid-19 refuge of Dahab town - July 20, 2020
- Is Kuwaitization the unintended result of the oil price crash? - July 20, 2020
- Expats unhappy abut changes to Korean points-based visa system - July 17, 2020
- Chiang Mai and Bangkok no longer bargain locations for expats - July 17, 2020
- Expats in Malaysia still banned from overseas travel - July 17, 2020
- Vietnam welcomes expats to its safe, affordable lifestyle - July 16, 2020
- Asian tiger economies reach out to expats in Hong Kong - July 16, 2020
- HSBC Asia to cut back on internal expat relocations - July 16, 2020
- Tips on integrating for newly-arrived expats - July 15, 2020
