With the Housing Whitepaper hot off the press, the British property market is under scrutiny from every angle - and overseas buyers have already been showing an interest!
With the Government planning to promote the rental market in the next few years, it should finally mean we have started to turn a corner for UK landlords… and it would seem that non-UK residents have started to cotton on to the fact as well!
According to research from the Mistoria Group, a property investment firm, there has been a significant increase in the number of investments in UK property by foreign buyers, who have been quick to take advantage of the discounts caused by the sudden drop in the value of the pound.
The weaker exchange rate means that UK property now represents a good opportunity for investment for many overseas buyers.
Many are choosing to shun London (previously the most popular areas for overseas investment), and head north instead, targeting areas up and down the UK which offer good value for money and high rental yields.
The overseas buy-to-let market in the North West is booming, with Liverpool and Salford experiencing a surge in overseas investment – the majority from China and Hong Kong – up by 42% year on year.
The Brexit vote reduction in the value of Sterling against the dollar and the yuan, has boosted Chinese investment in the likes of Salford and Liverpool. The Chinese are not alone in their enthusiasm for newly-affordable UK bricks and mortar. The Brexit effect means that British property is 20% cheaper for many foreign investors and there are no signs that this is likely to be reversed in the near future.Mish Liyanage, managing director of The Mistoria Group
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