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Northern Cities Attract Middle Eastern Buyers Seeking Bargains Post-Brexit

Interest for properties across Northern cities is rising among Middle Eastern investors as currency fluctuations post-Brexit prove favourable to this group and as demand for property in the UK continues to surge.

Interest for properties across Northern cities is rising among Middle Eastern investors as currency fluctuations post-Brexit prove favourable to this group and as demand for property in the UK continues to surge.

Property agents across the UK have seen a surge in Middle Eastern buyer interest for the residential markets of Northern cities, as opposed to Prime London markets in the aftermath of the Referendum vote, as reported by Middle East news agency Zawya.


This interest shift is said to have been caused by a drop in the value of the Sterling following Brexit, which is proving favourable for Middle Eastern buyers seeking bargains in UK property.


Cities like Manchester and Liverpool are said to have become the focal point for several investors from UAE, Qatar, Bahrain, Saudi Arabia and other Middle Eastern and North African countries, as growth in these markets offer buyers abundant capital gains and higher yields.


In an interview with Zawya, Matthew Lavin of property agency Benoit Properties International said his firm received calls from Saudi Buyers in the weekend following Brexit, enquiring about Liverpool property as they “had seen news about the falling pound”.


In further comments to Zawya, he said:


"Investors still see the UK as a secure place to invest capital for long-term income and growth and the added value presented by a weak pound is an added bonus. However they are looking outside London.


Mr Lavin also believes that a prominent surge in demand for rented accommodation across Northern cities is a key factor for the increase of foreign buyers in these areas. Figures from Greater Manchester, for example, show a rise in private renting – now comprising 20% of all households in the region. He further adds:


 “Cities such as Manchester, Leeds and Liverpool in the so-called 'Northern Powerhouse' are enjoying a resurgence and are amongst the areas with greatest demand for housing. The new high quality private rental schemes currently under construction offer overseas investors a chance to buy in, effectively at discount rates."


Earlier this month, Hometrack’s newest index showed the UK’s North-South divide is beginning to shrink as house prices in the northern cities accelerate faster than in the capital.

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