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Housing Market in UK Set To See More Foreign Investors After Brexit

Housing MarketsThe British vote for exiting the European Union has resulted in the pound dropping to its lowest level in 30 years along with multiple market crashes across the world. Property prices in Britain are also expected to drop consequently, opening the door for foreign investors who are looking to purchase property in the United Kingdom.

The current climate of uncertainly could cause many in the UK to delay financial decisions but investors from Asia are likely to move fast to benefit from depreciated property prices, an ironical twist to Brexit given the Leave campaign’s focus was on removing foreign influence from the country.

In a statement, Nicholas Brooke, chairman of professional property services for the Royal Institution of Chartered Surveyors said

Several of my opportunistic investors have said we really ought to think about this seriously, and to think whether we should take advantage of this new window in the market. Anyone who’s not dealing in sterling would see an opportunity.

Brooke added that although many investors remained wary of making an investment in the current scenario, buyers in Hong Kong and China who had the necessary funds were already looking for profitable buys.

Analysts from Bank of America have predicted a 10 percent price correction over the next year while Richard Donnell, insight director at property analysts Hometrack has said that as per historical trends external events can impact sales volumes by up to 20 percent. The London market is expected to be hit the most.

Knight Frank, the international property management firm has said that investors are likely to wait until the full implications of the Brexit vote becomes apparent before making any serious decisions but the drop in pound’s value would now increase their buying power significantly.

The company’s Asia-Pacific specialist Nicholas Holt said that he expects the maximum interest to come from buyers in China, Singapore and Hong Kong who have been traditionally interested in owning property in Britain. Investors in India are also likely to be interested according to Anuj Puri chairman and country head for India JLL, another international property agent.

Rattled by the Leave verdict, buyers in the UK are pulling out of deals or delaying decisions as worries rise about job security and an expected downward movement in property prices. Knight Frank has suggested that the uncertainly might also constrain supply with house owners unwilling to put their property on the market now, exacerbating the already poor turnover in the housing market.

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