Weak Pound and the Benefits for Expats

 

Overseas investors continue to benefit from the weakening pound.

For those foreign nationals paying in US Dollars, the average UK home now costs 14.8% less, with the average London property costing 16.5% less

While domestic buyers will feel the effects of a weak pound across the board on any imported item they buy, a weak pound is leaving property comparatively cheaper despite house price growth.

For example, in London, prices have risen by 4.9% so far in 2022. However, foreign nationals buying in US dollars are paying a sixth less than at the start of 2022. Buyers in the UAE are benefitting to almost the same degree saving 14.5% on the average UK property and 16.2% on the average London property, while Hong Kong buyers are saving 13.9% and 15.6% in their native currency.

Investing in UK property is one of the best financial decisions that UK expat and foreign national investors can make – and the enduring popularity of this form of investment is testament to this. The weak pound is only making this proposition more inviting and, along with a competitive UK expat and foreign national mortgage market, is doing a lot to offset the damage done by house prices and mortgage rates.

For canny UK expat and foreign national investors, it’s important to keep track of the market developments as things are changing every day, and the turbulent political scene is influencing a lot.

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