British expats living overseas are reportedly purchasing property in the UK as the weak sterling creates an ideal time to buy.
Property agents all over the UK say they have seen an increase in the number of British expats contacting them over the possibility of purchasing property. Surprisingly the property’s being sought are not just in the capital city of London but also those in other regions.
Nick Mead at The Buying Solution, part of Knight Frank property agents, said: “The weakening Pound is not only benefiting overseas nationals looking to invest in the UK property market, but those Brits repatriating. We’re seeing a number of buyers who work in finance and have been posted overseas for a few years returning to Britain and wanting to purchase a family home in the Home Counties.”
Property agents have said that even if British expats are not sure when or if they will return to the UK now is an ideal time for them to buy. Renting out property is a good source of extra income for expats as well as waiting for the housing markets to improve and selling the property for a higher price.
According to estate agents the most popular regions for repatriating expats are Buckinghamshire, Kent and Surrey. The main draw of those areas is thought to be the good schools located in those areas.
Yolande Barnes, head of global research for Savills, said: ‘We have recently seen expats buying into the UK, even if they are not physically returning. They will tend to be buying older properties rather than new-build and outside of London as well as in the capital, so have a different buyer profile to foreign buyers.”
The Pound remains weak and is set to stay at its current low levels for the foreseeable future. The UK’s economy continues to be weak and as such the Pound will remain weaker unless it shows signs of solid improvement.