Three out of four home loan enquiries for UK properties in the first quarter of 2015 at deVere Mortgages were from overseas buyers from Russia, Asia, the Middle East and the U.S., the company said today.
Most sought for are properties in London, as the capital remains the most popular location for potential property buyers from abroad.
“Currency weakness against the dollar is making Britain relatively less expensive than it previously has been and London becomes cheaper than other elite cities for international property portfolio investors.
“For this reason, interest has been particularly strong from expatriates from Russia, the Far East, the Middle East and the U.S.
“These individuals are taking advantage of the economic recovery, continuing strong demand growth and limited new building due to planning rules,” Tom Elliott, international investment strategist at deVere Group, said.
DeVere Mortgages, which launched a standalone brand of deVere United Kingdom, offers advice to British expats and to foreign nationals looking to buy property in the UK.
“We knew demand would always be strong from expats – hence the launch of the standalone division – because of the distinct investment advantages and because expats, typically, have a higher level of disposable income than those residing full-time in the UK.
“However, we have been pleasantly surprised by the high level of enquires so soon. These individuals are increasingly aware that they are typically deemed as ‘high risk’ by UK lenders and will therefore need mortgage advice from industry experts who have established relationships with the relevant lenders,” Kevin White, head of financial planning at deVere United Kingdom, commented.
