Overseas buyer enquiries up 50% post referendum

Overseas buyer enquiries up 50% post referendum

According to deVere Mortgages, the UK's decision to leave the EU has triggered a huge 50% rise in mortgage enquiries from overseas buyers.

deVere says the vast majority of the enquiries since 24th June are from expats and nationals from the UAE, Qatar and other parts of the Middle East.

 Mike Coady, Managing Director of deVere Mortgages, suggests that we can attribute this significant surge in demand primarily to five key motivators.
 
"First, UK property has long been – and remains – highly in demand by those who reside overseas. This is because of the ongoing fundamental strengths of British residential property investments.  But many potential purchasers had been putting off enquiring about mortgages and waiting for the referendum result to see how the land lies. Now we have the outcome, a high proportion of these have swung into action.


Second, there are some signs that the rate of underlying house prices continues to cool off in many parts of the country. This began before the referendum. Clearly, this is an attractive trend for buyers.
 
Third, the pound has plummeted since the Brexit vote’s decision was announced. It is down approximately 11.5% against the dollar and 10.5% against the euro. As such, those buying in the UK with their local foreign currency are finding more value than before.
 
Fourth, similarly, those raising a deposit in their local foreign currency are finding it easier to do so due to the Brexit-battered pound.
 
And fifth, it is our experience that some UK sellers are more nervous since the shock result. With this in mind, some are willing to take lower offers from potential buyers than they were previously, especially overseas buyers who tend not to be part of a chain.”

Join our mailing list:

Leave a comment



Our Next Event

Buy-to-Let Roadshow April 2017

Buy-to-Let Roadshow April 2017

Crewe - 18/04/2017

Northampton - 19/04/2017

Essex - 20/04/2017

Brighton - 21/04/2017

Register now

Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

view article
ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

view article
NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

view article
Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

view article
Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

view article
Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

view article
Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

view article
James Powell
James Powell 27 Feb 2017

This is a very good news.

view article
DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

view article
Matt
Matt 20 Feb 2017

Is this fake news?

view article
Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

view article
CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

view article

Related stories

More articles from Overseas

Buy-to-Let Roadshow
April 2017

18th-21st April

4 days
7 specialists
4 locations
Free to attend

Click here to register now