Foreigners eyeing UK properties – Demand surges since Brexit
The aftermath of the Brexit vote (for the UK to leave the European Union) is as much as experts expected – a sheer plunge in the value of the pound, and a drop in property prices. Britain’s decision to leave the EU has sent shock waves across the world but opportunistic investors seem to be least affected, as the pound’s post-Brexit plunge has set off a surge in demand for the UK properties from overseas buyers – who were keen to snap up bargains.
A sudden spike in the numbers of enquiries from overseas investors is also recorded, seeking to buy properties in the UK. Freshly fetched data from a prominent Mortgage company shows that mortgage enquiries from overseas buyers have been increased by 50 per cent since the Brexit, as more and more numbers of buyers look to take benefit of plummeting value of the pound against several foreign currencies following the leave vote.
The trend has been confirmed by the reports collected from several notable real estate agents especially those operating in London, who claim that since the referendum, they have been receiving several enquiries from foreign investors looking to buy property in the UK.
However, real estate experts also claim that the reason is not just plummeting value of pound sterling, but there is also price correction in property prices across the country, which opportunistic investors consider as an appropriate moment to enter into the UK real estate market before the market and pound’s recovery.
It is worth mentioning that UK economy, following the current instability, will regain its strength through trading ties with other countries including America, Asia and Europe, which will eventually have a positive impact on the UK property market.
Despite the increased demand, most of the developers adopt a wait and see policy to envisage what a post-Brexit UK property market looks like and what it will bring along? They are waiting for more clarity to bring on and showcasing their new property projects to potential investors.
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