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.”

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Latest Comments

Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

This is such a great a post. I love the detail you've gone into. It's a very useful article for helping those who are looking at deciding which sector they would like to go into! When I first started investing...

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paul burnham
paul burnham 30 Apr 2017

Jeremy Corbyn's pledge that a Labour government would build 500,000 new council houses must electrify the general election campaign. Reliance on markets and the profit motive has brought huge housing-related...

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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Tony Gimple
Tony Gimple 14 Apr 2017

I'm not at all surprised that so many landlords are still confused about what the tax changes really mean and how it will affect them. In particular, the blind rush to incorporation is leaving landlords...

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MH
MH 13 Apr 2017

You are right that the bank holidays are going to be spoiled in looking for the properties. But people who want to sell their property and looking for the better relocation, they can get benefits of this...

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bnellyb
bnellyb 08 Apr 2017

There will be an exodus of private landlords over the next 5 years as tax changes take effect, private landlords provide an important service to the rental market, why do housing associations and councils...

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Fred Cassman
Fred Cassman 07 Apr 2017

"Make it look like you are at home": often people forget this and share on facebook their location!

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jared townsend
jared townsend 05 Apr 2017

It'll be interesting to see how & if the Government's asset sale regarding mortgages helps

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