Overseas property investors don't think a weakened British pound is necessarily a bad thing. That is, if you want to take the opportunity to buy UK property at a cheaper rate.
Drop In Sterling’s Value Raises Eyebrows Of Overseas Property Investors
This interest in UK property investments follows the weakening of the British sterling. The pound dropped in the wake of the government’s announcements of tax cuts from last week, Friday, 23 September 2022.
The British pound took a beating and was valued at an all-time low of 1.035 versus the US dollar last Monday, 26 September. It steadied slightly on Tuesday and, as of this writing, stands at $1.07.
While the weakening of the sterling has alarmed many sectors in the UK, it’s had an opposite effect on the housing market. It’s made London property and UK property in general, attractive to overseas property investors.
Prices And Demand Are Up And So Is The Interest of Overseas Property Investors
True, property prices in the UK continue to increase, particularly in London. But this has not deterred UK expats and overseas property investors from considering buying into UK property.
This is especially true of potential buyers from the US. And one of the areas getting a lot of enquires from US buyers is North London.
Estate agents say that a weaker sterling often means UK property is a lot cheaper. This means overseas property investors stand to save properties that they would otherwise not have considered, even a month ago.
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Buying into UK property now also provides amazing value in the long run. And this is especially true for off plan and new build properties in regeneration areas like those in Southside, Birmingham and Castlefield in Manchester.
How long this window of opportunity will last remains to be seen. For now, however, demand for housing in the UK is doubly high, as both local and overseas property investors come into play.
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