New figures show that there has been a 117 per cent increase in British expats in Europe interested in buying a home in the UK.
According to the research carried out by mortgage firm Skipton International, mortgage enquiries from British expats living in the European Economic Area has more than doubled in the first five months of this year.
Enquiries from those from outside of EEA have grown by 108 per cent in the same period.
“Since Brexit, we have seen growing number of British expats looking to invest in UK property,” explained Nigel Pascoe, Director of Lending at Skipton. “The devaluation of the Pound has meant that expats with foreign currency savings could potentially get more for their money. This ‘Brexit effect’ has been particularly marked for currencies such as the Swiss Franc.”
Indeed, the Skipton data shows that enquiries from British expats living in Switzerland were up by 118 per cent in the first five months of this year, compared to last.
“As Sterling has slid against the Euro and US Dollar, the number of enquiries have increased,” Pascoe added.
Pascoe said that the increase in stamp duty and decrease in mortgage tax relief have not deterred long-term investors.
Article published 14th June 2017