Increased interest from China in the UK’s property market following Brexit vote
Published: 03 Aug 2016 By Grace Kimberley
According to sources, there has been a huge increase on the amount of Chinese investors taking interest in buying British properties, particularly in London, which is all due to the sharp decline in the value of the sterling since the Brexit outcome in June.
China’s largest international property portal, Juwai, reported that in the months following on from the Brexit vote, the number of Chinese buyer inquiries into UK properties was 40% more than what the average is.
“The data show that the Brexit vote has definitely boosted Chinese buyer interest in UK property. The chief mechanism has been the reduction in the value of Sterling against the dollar and the yuan.” said Bernie Morris, head of Juwai EMEA division.
“Now, with politics stabilizing and a competent new government in place, the UK looks like the same old safe haven as ever – but cheaper.”
Chinese buyers only usually make up 5% of the owners of UK properties, but China is now looking to open up educational facilities with these property purchases where parents can buy apartments for their children.
Mr Morris also said, “There have been a lot of drags on the property market in recent months. First, it was the elections, then the referendum and now summer. But that is exactly why the weaker pound has come at the right time. It’s summer, and the Chinese are coming.
“These are not emotional buyers. They are looking for a bargain, and they have long-term faith in the UK.”
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