The buy-to-let property market in the United Kingdom is booming, spurred on by the falling value of the pound. Overseas investors have found that upfront costs of purchasing property in the UK are at a record low, meaning their money is stretching further and the property investor market is warming up.
Industry experts such as Ross Kelly from PropertyInvestorMarket have seen an increased interest from American and European buy-to-let investors. He said: “Since the Brexit vote, the value of sterling has been falling, and overseas investors have found they can get more for their money as a result. For those with savings in foreign currency, UK property is looking like a much more attractive prospect.
“Earlier this year we saw the exchange rate of the dollar hit a low of $1.20, so buy-to-let investors from the USA really can grab themselves a bargain in the UK property market. As the rental income will be paid in sterling, they’re not exposing themselves to any currency risk and can make a more than decent income from the properties they let. This is an exciting time for the buy-to-let market, and it’s certainly a trend to watch in the coming months.”
PropertyInvestorMarket.com is one of many property companies to have reported increased interest from American and European clients. With the Brexit deadline of 31st October looming and continuing uncertainty, there’s a high chance that the value of the pound could fall still further, whether Britain leaves with or without a deal.
Demand for buy-to-let properties has been high across all regions, but it is London and the South-East which are proving the most popular. Overseas investors have been showing interest in all types of property and a full range of price points, with many wealthier investors targeting the higher end of London’s property market.