Britain’s doom and gloom outlook leaves the housing market wide open for the more positive foreign investor.
Homeowner confidence in the market hit its lowest point in two years in December, with one in three expecting property prices to fall this year and 92% believing that mortgage financing is no easier to obtain now than it was three months ago.
Mark Harris, Managing Director of Savills Private Finance Limited said: “A number of Private Banks offer mortgages to overseas buyers. Savills Private Finance operate in this area and deal with all Private and Offshore Banks. A buyer may take a mortgage because he needs one or for tax purposes (remitting funds to the UK can trigger tax).”
He also said that transferring money from abroad was a straightforward exercise and that many buyers could also protect against currency fluctuations by forward booking the exchange rate.
Coupled with a newly regenerated interest from European investors, the UK housing market, and in particular London property, continues to attract investors from the Asian market.
By Katie-Jill Rowland
Leave a comment