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

Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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