Interest from overseas investors has risen by as much as 45% in the final quarter of 2016, according to a new report.
deVere Mortgages has revealed that there has been a significant increase in demand from property investors overseas in Q4, as they seek post-Brexit bargains in the property market.
One of the world’s largest independent financial advisory organisations, deVere stated that the property market following the UK’s decision to leave the European Union in June has created an opportunity for property investors, particularly those willing to take advantage of the falling prices offered by a weak sterling.
The report indicated that the significant discounts available in the market, especially for properties in prime locations such as central London, have drawn opportunistic investors to the UK to capitalise on the current market conditions.
Whilst the capital has become more affordable for international buyers in the wake of Brexit, deVere highlighted a shift in behaviour amongst investors, as they begin to look to the regions for greater value and higher rental returns.
Commenting on the sharp increase in enquiries, Mitch Hopkinson, Head of Advice at deVere United Kingdom, said:
‘deVere Mortgages has received an unprecedented level of enquiries this last quarter. There has been a remarkable uptick in home loan enquiries in quarter four – and we’ve not even finished it.
‘Brexit appears not to have dented the UK’s traditional boast of being an attractive country for those residing overseas, largely due to the ongoing fundamental strengths of British residential investments.’
Earlier this week, property listing website Zoopla revealed that the value of UK property has increased by 7.35% over the course of the last 12 months – despite uncertainty in the market – totalling £8.17 trillion.