Wednesday, Jan 28, 2009
"Foreign investors pile into UK housing market "
Mortgagestrategy: Overseas buyers reap benefits from weak pound
Foreign investors are piling into the UK housing market as the value of the pound continues to deteriorate, figures from Hamptons International show.European buyers are increasing turning to the discounted UK housing market, as house price falls of 20% are magnified by the strength of other major currencies against the pound. The data from Hamptons International reveals that the number of European buyers for high-end properties in central London climbed 20% in Q4 last year compared to same period in 2007.
Posted by jack c @ 11:06 AM (816 views) Add Comment
10 Comments
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1. mark said...
now this makes sense, this explains all the estate agents going bust and numerous houses for sale and the prices dropping and nothing selling, i knew there was a reason...
2. drewster said...
Only high-end properties in central London? That's all very well for Park Lane and Mayfair, but these Europeans aren't buying up the Old Kent Road.
This will have a negligible effect in London and no effect at all outside the capital. Nobody is going to save your portfolio of grotty terraces in Sheffield...
3. will said...
Great, let's sell all of our houses to foreigners who never intend to live here.
4. will said...
drewster - I live in Exeter, and there are definately foreign investors here in the BTL sector.
UK property has become a Global asset.
5. rm96696 said...
Excellent news. Isn't this why the government wanted to trash the pound (and peoples' savings)?
6. timmy t said...
Houses are plummeting - doesn't matter where you come from or how many £ you got with your yen etc. If you exchange £1 for $20 and put it on a losing horse in the Kentucky Derby, then well done for getting a great exchange rate, but at least invest it wisely. More media hype.
7. rm96696 said...
There are excellent opportunities for foreigners. There's a lovely property that may soon become available at 10 downing street.
8. shipbuilder said...
Unless they will be receiving their rent in Euros (or whatever their native currency is), foreign BTLers are a non-issue. Which leaves, as has been mentioned, high-end properties in London. No effect anywhere else.
9. Neil B said...
But it's OK for Brits to buy second, third or fourth holiday homes in Spain, France, Italy, Slovenia, Bulgaria, Croatia, Romania, Poland, Czec Republic, Slovakia.... I think I make my point
10. mountain goat said...
Since house prices are set to crash at least another 20%, this is good news because we won't have to bail-out the foreign banks funding this when the mortgages go toxic. If these are foreigners buying with cash this is also good news for a similar reason; less exposure of our nationalised banks to the housing disaster.