Brexit results in more overseas buyers
We may still be in the midst of confusion and debate about how the UK will exit the EU but it seems the property market waits for no man - and is already feeling the effects of last June’s referendum result. Industry sources are revealing a significant increase in the number of overseas buyers looking to purchase property in the UK over the last few months.
Since the referendum results - and the economic and political turmoil that followed it - the value of the pound has fallen considerably. Indeed, latest figures show it has fallen 16% against the dollar and 11% against the Euro - thus boosting the spending power of overseas buyers.
Agents and investment specialists are reporting increasing interest from foreign investors who have realised that they can currently get more property for their buck and euro, particularly in the capital where getting a property bargain is almost unheard of these days.
As well as foreign buyers, there is also an upturn in enquiries from expats who are making the most of the opportunity to snap up property back home at a discount.
And if the turbulence surrounding triggering Article 50 continues - and as the deadline for Theresa May to start Brexit approaches - we’re could see the pound fall even further, offering even more opportunities for overseas buyers.
With its extensive lender relationships as well as the experience and expertise of its brokers, Private Finance is well placed to assist both expatriates and buyer from overseas.
The firm has also forged relationships with other professionals and service providers to further assist clients with an international perspective.
Foreign exchange services include as the ability to secure an exchange rate for up to 3 years in advance so the price of your property is secured no matter how volatile the currency markets are. Competitive exchange rates and fees result in savings of up to 4% over using the retail bank. Private Finance has an affiliation with HiFX the foreign exchange specialist; further details are available here.
For further information please contact Private Finance on 0800 980 8777 or email@example.com