Expats Quids In If They Buy A Home To Rent In London
Now’s the time for buying a home in London if you are an expat looking to return to the UK or a landlord seeking a property to rent out.
A slowing market and shrinking Pound have made houses cheaper for non-residents, say property experts.
Although homes in the capital have gone up in value by 0.48% between the June 2016 referendum and July 2019, property costs less for expats paying in many foreign currencies.
Shifting exchange rates mean homes are 5.84% less to buy in euros, 4.37% cheaper in US dollars and cost 1.52% less in Chinese Yuan.
Even Thai baht gives a huge saving of 16.4%, according to estate agents Benham & Reeve.
Huge savings on buying with Thai baht
Outside London, property prices have done a little better since the referendum.
A typical home has increased in value by 8.17% to £2332,710, making buying 1.37% more expensive in euros, and 2.96% dearer in US dollars.
But Thai baht still offers foreign exchange value for money at 10% cheaper.
The firm’s director Marc von Grundherr said: “Despite the consistent doom and gloom surrounding the London property market, prices have remained robust and while growth has slowed, we are yet to see any collapse in the value of bricks and mortar within the capital.
“Not only has the market weathered the storm, but due to the fluctuation in currency, many foreign investors are currently able to buy at a more attractive price then they would have three years ago.
Post Brexit bounce on the way?
“Undoubtedly, a shaky pre-Brexit ‘deal or no deal’ sentiment has led to currency traders downgrading sterling and that’s seen as a negative by most economists and media commentators. But if you’re a canny property investor from Thailand, the US or, ironically, Europe, then now is statistically the wisest time to buy in a long time.
“If you subscribe to the belief that the UK will see a ‘post-Brexit bounce in investor and consumer optimism, it’s clear that actually, there may never be a better time to pursue a London property purchase.”