New research has revealed that a growing number of British expats are planning on taking advantage of the recent fall in sterling by investing funds abroad in property back in the UK.
Since the outcome of June’s Brexit vote, the value of sterling has depreciated notably among many other major currencies. This has led to many overseas investors increasingly targeting UK property over the past few months. And it would appear that UK expats are keen to take advantage of the favourable currency situation too.
According to mortgage provider Skipton International, there has been an 80 per cent increase in buy-to-let mortgage applications from British expats in the past two months
“We have seen a massive increase in enquiries from British expats in the months after Brexit, which accelerated notably since the value of the pound dropped substantially,” explains Nigel Pascoe, a Director of Skipton International. “On some days we have seen up to four times the number of queries we were seeing before Brexit.
“Many British expats are viewing the devaluation of Sterling as a good opportunity to buy properties in the UK, bringing back foreign currency savings,” he continued. “UK property is typically a long-term investment for British expats; they can service the mortgage through the rental payments, while enjoying capital growth on a property.”
Since launching buy-to-let mortgages two years ago, Skipton International has lent more than £100 million to British expats around the world.
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Article published 21st November 2016