The shock decision to leave the EU hasn’t caused as much instability in the property market as once feared. The reluctance to buy and sell from UK residents as a result of economic uncertainty is being somewhat replenished by overseas investment.
Leading up to the EU referendum and since Brexit on the 23rd June, there has been fear that the UK property market will crash as a result of the ‘wait and see’ attitude adopted by domestic buyers. However, with interest from overseas buyers, the market is set to pick up and gain stability.
The depreciation of the pound has rapidly drawn foreign buyers towards the UK property market as they see great investment potential and opportunity from a favourable exchange rate.
Whilst European investors are included in those who are identifying the prosperous benefits of investing, it’s buyers from further afield, from the likes of the Middle East and USA who are making the most deals. The encouraging influx of foreign buyers highlights that there is still confidence in the UK property market as they look to take full advantage of the current uncertainty the weak pound has caused in the market.
The anticipation of economic instability has put uncertainty amongst domestic buyers and as the number of domestic buyers has decreased, the opportunity for overseas buyers to snap up a property for great value has arisen.
If hesitance to sell continues, this could also benefit those that do, as a shortfall in the number of properties on the market can only increase the value of your property, meaning now is just as good a time to look to sell as any.
If you’re interested in buying or selling at this time, and want to know more, then please do not hesitate to get in touch with our team for further information on:
+44 (0)113 237 0000
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This post was written by John I