THE highest number of London homes were sold to international buyers for the past six years as overseas investors take advantage of Brexit economic uncertainty and a weak pound.
Hamptons International estate agents reports that property developers have been viewing expensive city properties in “unprecedented numbers”.
It comes as research shows 57 per cent of properties sold in central London are bought by international buyers, with the number of British buyers falling by 15 per cent.
The estate agency Savills estimates 73 properties worth over £15million were sold in London last year. It’s the largest amount since the second-home stamp duty costs rose in 2014.
Visionary Finance Managing Director Hiten Ganatra said: “The prices of homes at the top of the market have been slowly falling as potential British buyers take a ‘wait and see attitude’ and hold off on investing to get some longer-term certainty over the economic environment.
“But we know that international buyers are taking an entirely different approach and have been taking advantage of the discounted prices.
“Before the Prime Minister Theresa May clarifies a deal with the EU and the pound remains weaker, the property market looks to remain slow-moving.
“Although I firmly believe it will remain robust in the long-term as demand continues to far outstrip supply, it’s crunch time over leaving the European Union and overseas investors believe now is the perfect time to strike before market prices start to rise again.”
• Visionary Finance is a fee free mortgage broker based in London and Milton Keynes. If you’re thinking of making an investment in the UK give us a call on 01908 465100 and our experienced team will work with you to make it a success.