Brexit resulting in buy-to-let bargains for expats
The UK buy-to-let market is now more attractive to expat and overseas buyers owing to the Brexit effect, mortgage broker Offshoreonline.org has argued.
Since the Brexit referendum in 2016, the rate of price increase in the UK housing market has fallen from 8.2% per annum in June 2016 to 1.3% in September 2019.
Combined with the weaker value of the pound sterling against the Euro or US Dollars, UK property is now arguably better value for money.
Guy Stephenson, director of Offshoreonline, said: “For the expat buyer of UK property, the Brexit effect has been a gift.
“Not only has sterling depreciated against key currencies such as the euros and US$, which effectively means an instant price reduction, but the domestic uncertainty caused by the Brexit vote had impacted the market too.
“Over the three years since the UK voted to leave Europe, housing market activity levels have weakened, as domestic confidence evaporated. This means that the percentage rate of house price rises seen prior to 2016 simply has not been repeated.
“As confidence in the politicians had ebbed, so activity in the housing market has reduced. Inevitably, prices have not risen as fast as they might have done, giving buyers an excellent opportunity.”
The Conservative Party is set to introduce a 3% surcharge on non-UK residents if it wins the upcoming election.