Overseas interest in UK property doubles

New figures from mortgage provider deVere Mortgages reveal that interest from overseas buyers in British property has doubled since last month’s Brexit vote was announced.

“Many potential purchasers had been putting off enquiring about mortgages and were waiting for the referendum result to see how the land lies,” explains Mike Coady, Managing Director of dVere “Now we have the outcome, a high proportion of these have swung into action.”

The figures show that the majority of new enquiries have mainly come from Europe, the Middle East and Asia.

While UK property has always been desirable to overseas buyers due to the ongoing fundamental strengths of British residential property investments, it is thought to be the current state of the currency exchange markets that has led to a sudden increase in overseas buyer interest post Brexit.

Since the decision to leave the EU was announced, the Pound has struggled to regain strength, having at one point fallen to a 31-year low against the US Dollar. It has also fallen considerably against the Euro too.

Therefore, overseas-based buyers who are able to raise a deposit in their local foreign currency are suddenly finding far more value in the British property market than they had just over a month ago.

To find out more about the latest currency rates, and discover what you can do to obtain the best rates possible, visit www.halofinancial.com

Article published 21st July 2016