While the London property market is enduring reported price falls for the first time in recent memory, one group of buyers is making the most of any post-Brexit uncertainty to get as much as they can from the market.
As Sterling suffered record falls following the EU referendum result and has yet to recover to an significant extent, foreign investors are snapping up properties at an effective discount of up to 15 per cent on exchange rates alone. In addition, those investors are now looking outside of the super-prime Central London zones in order to find the value they seek, allied to a conveniently reduced tax exposure.
Overseas buyers, very often from cash-rich Asian economies, are looking to new developments in cheaper zones outside of Central London, which allows them to purchase multiple units at one time, and leads them into direct competition with first time buyers, who are understandably nervous in the wake of a vote to leave the EU.
Seize the opportunity to
buy apartment in London at 15% discount just from the exchange rate alone.