An increased number of overseas buyers are looking at the UK property market amid the Brexit chaos, research from property portal Placebuzz indicates.
Searches for UK property by overseas buyers have grown steadily since before the EU referendum to account for 6.2% of all activity on the portal in the first three months of this year, compared to 3.6% in the same period in 2016.
Neil Tillott, business director at property portal Placebuzz, said: “With sterling currently worth around 12% less against the dollar than pre-referendum, buying UK property is a very shrewd move for foreign investors looking to secure a bargain.
“Owning property in the UK is a goal of many overseas property investors and we’ve seen a clear rise in the proportion of searches for UK property which are taking place overseas since June 2016.
“Foreign buyers view the impact of Brexit chaos on house prices and the value of sterling as a rare opportunity to buy into the market at favourable prices, with a long-term view.
“Uncertainty over the rights of British expats living in Europe as well as access to healthcare and pensions, is also likely to be prompting many of them to consider a return to the UK, driving demand for property.”
Glasgow and Birmingham top the list of search locations, followed by London, Manchester and Leicester.
Searches are most commonly coming from the USA, followed by Spain, Ireland, Australia and South Africa.