Corporate foreign exchange news

UK property sells at a discount for foreign buyers

Thursday, 09 July 2009 17:29:24 GMT

After years of high prices that have pushed first-time buyers abroad and encouraged investors to look beyond British shores for lucrative real estate, the UK is now itself beginning to attract heavy inward investment from foreign buyers.
Louis d'Espagnac, head of specialist international broker Explorer Mortgages, told This is Money that he has seen the number of enquiries from expats wanting to re-enter the market double in the past six months.
"They know they'll have to buy a house in the UK when their overseas job finishes and they reckon properties will never cost them as little as they do now," he surmised.
Meanwhile, the strong performance of the dollar and the euro against sterling over the last two years means that foreign buyers can enjoy a 30 per cent discount on property prices as they stood in August 2007. For UK buyers, prices have fallen by 16 per cent.
At the end of last year, high street foreign exchange customers were finding the euro was trading at parity with sterling. ADNFCR-2522-ID-19252823-ADNFCR
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