UK residential properties valued at £5million or more have attracted an unprecedented level of interest from overseas investors in the last six months, according to a new wealth report.
Beauchamp Estates’ 2017 Wealth Report suggests that a substantial fall in the value of sterling spurred on by the unexpected result of the European Union (EU) Referendum has opened up significant savings and investment opportunities for US dollars investors.
Since the Brexit vote, the pound has lost approximately 18 per cent against the US dollar, and enquiries from US investors seeking to purchase UK property have increased by ten per cent, while sales have increased by three per cent, the report reveals.
According to the real estate agent, the average price per square-ft of “ultra-prime residential property” in desirable Mayfair, London, has fallen by 10.6 per cent in US dollars, from $5,306 to $4,741.
However, their report suggests that US-based investors are not the only overseas buyers seeking a slice of prime UK residential property.
During the same period studied, enquiries from investors based in the Middle East and Asia increased by 15 per cent, while sales increased by ten per cent, it adds.