Foreign Interest in UK Housing Market Property Soars
In the wake of the recent referendum the average house price within the city of London has been discounted more than £40,000, according to a local estate agent. This discount as well as the devaluation of sterling is creating a feeding frenzy on property from foreign investors. Property inquiries are now coming in from countries such as China, Italy, Spain, and the Middle East. This new interest in property from outside UK borders contradicts what is taking place here at home. Domestic buyers are opting out due to an uncertain future.
The founder of eMoov.co.uk, Russell Quirk, commented on the latest response from those interested in the UK housing market, saying: “It would seem that while a number of European buyers may be tentatively dipping their toe into post-EU property investment in Britain, those from further afield are looking to dive in head first and take advantage of the current indecision in the market due to a weaker pound.”
Overall interest in the housing market from foreign investors has more than compensated for the disinterest which is taking place domestically. Those looking for a discounted price on a UK property can now find it with great ease, according to many estate agents.
The remortgage market continues on a strong track even though property sales have hit a wall. House owners are applying for and obtaining new deals with low interest rates attached. They are also reaping the benefits of lenders waging war against each other in an effort to gain new customers.