Brexit is increasing UK property inquiries from overseas investors
UK property inquiries from overseas investors are rising.
Are you currently hesitating over making an investment in UK’s property market?
Well you could be in the minority. A new figure suggests that international investors are actually doing the opposite and are taking advantage of opportunities created by Brexit.
According to property portal Placebuzz, there has been a significant uptick in the number of inquiries from overseas buyers since UK voted to leave the EU in 2016.
In Q1 of 2019 alone, overseas investors accounted for 6.2% of all activity on the Placebuzz portal. This is a 72% increase on the 3.6% of total activity from international buyers during January to March 2016.
While analysis suggests a proportion of these inquiries could be from expats looking to return back to the UK, international buyers looking to take advantage of the weakened pound following the vote for Brexit are accounting for a significant amount of this activity.
Placebuzz also predicted that, if sterling looses further value against the dollar due to Brexit, it could further increase demand from overseas investors.
“With sterling currently worth around 12% less against the dollar than pre-referendum, buying UK property is a very shrewd move for foreign investors looking to secure a bargain,” explained Neil Tillott, Business Director at Placebuzz.
“Owning property in the UK is a goal of many overseas property investors and we’ve seen a clear rise in the proportion of searches for UK property which are taking place overseas since June 2016.”
He added: “Foreign buyers view the impact of Brexit on the value of sterling as a rare opportunity to buy into the market at favorable prices, with a long-term view.”