Interest in UK property from overseas investors has soared by 45 per cent in the fourth quarter of 2016, new data shows.
According to deVere, one of the world’s largest independent financial advisory organisations, overseas investors are taking advantage of the window of opportunity that has been created due to the sterling’s fall against the dollar and euro, respectively following Brexit.
“deVere Mortgages has received an unprecedented level of enquiries this last quarter,” explained Mitch Hopkinson, Head of Advice at deVere United Kingdom. “There has been a remarkable uptick in home loan enquiries in quarter four – and we’ve not yet even finished it.”
Surprisingly London is not the centre of interest in latest wave of interest from overseas investors. Manchester was named in 2016 as the city where rental returns were most profitable for investors. According to figures carried out by online property investment firm, LendInvest, the rental yield on property in the north-west city was 6.8 per cent between 2010 and 2016.
Recent forecasts carried out by the Royal Institution of Chartered Surveyors (Rics), suggest that property prices will rise by an average of 3 per cent across the UK in 2017.
Price growth will be strongest in East Anglia, the North West, and West Midlands, the Rics predicted, where it will outperform the national average.
Article published 22nd December 2016