Weak pound and lower house prices still tempting overseas buyers
Overseas investors are continuing to buy properties in the UK as the pound weakens against many other major currencies.
The ongoing Brexit situation has led to political uncertainty boosting overseas investors, putting them in a better position to make significant savings when buying UK homes.
Trinity Financial has had an increase in enquires from foreign nationals from across the globe looking for bargain properties.
Many of the calls are coming from clients in the Middle East, including Dubai, Abu Dhabi and Saudi Arabia. Other popular countries include Singapore, Hong Kong and Qatar.
Aaron Strutt, product director at Trinity Financial, says: "We are used to helping overseas buyers and British expats but there is more demand than usual. Some of our clients in Dubai are even refinancing their UK properties so they can buy more investment properties."
Low mortgage rates
As interest from some domestic buyers has slowed more of the mortgage lenders have launched new deals to tempt expats and foreign investors. The rates are very competitively priced, especially for wealthier borrowers working for multinational companies.
While London is not exactly cheap, house prices have fallen, and prime properties can take a while to sell. These properties are attracting interest from overseas buyers who made up a significant percentage of the UK's overall house sales last year.
Overseas buyers should be aware they will have to pay stamp duty and pay a 3 per cent surcharge for foreign buyers, investors and second homeowners. This would total £30,000 on a £500,000 property.
How long will the current economic situation last in the UK?
The UK’s economic situation has not been particularly stable since the Brexit referendum and until the situation has been rectified overseas buyers be in a good position.
The financial markets do not like uncertainty so we can expect currency fluctuations and distressed house prices to last for some time.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation