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Brexit seems to have had little or no effect on properties in England. Overseas property buyers have been snapping up properties in London, Manchester and elsewhere in England.
Estate agents in the country have been swamped with calls from wealthy, cash rich Chinese, Russian and Arab buyers. Even Germans and other wealthy Europeans have shown a keen interest in real estate in England.
So if you’re wondering how to sell property in England fast in 2017 – well, you have to look beyond just the local or domestic buyers. You must look at selling your English property to wealthy foreigners.
The way to do that is to hire overseas property specialists who have a lot of experience at buying and selling properties in the UK and elsewhere in Europe to wealthy international investors.
First, let us understand why properties in England are so popular. Estate agents in the UK have reported receiving calls from banks in the Middle East who want a list of properties ready to be bought by their wealthy Arab clients.
The sharp fall in the sterling, which is worth 1.17 EUR at present exchange rates, can be attributed to the increase in interest. Investors from around the world see this as a wonderful buying opportunity and a way to get their hands on the English property they have always wanted.
There is no indication that real estate in English has fallen off the world map, as many so-called experts had predicted as the most likely outcome if Britain were to leave the European Union.
And it’s not just Arab, Chinese or Russian buyers, many wealthy European buyers, especially from Germany, have been dipping their toe into English real estate. They are looking to take advantage of the current uncertainly to grab exquisite properties at really low prices.
There are certainly a lot of bargains to be had. Buyers from Europe can expect to get an average discount of £42,000 on the average London property. The average price of a home in London was €630,100 in November 2015. Now, it is only €579,200 – that is a massive decline.
This is actually good news as it will pull in buyers who were so far put off by the high price of London real estate. Now, London has become affordable all of a sudden, which has led to a renewed interest in apartments and houses in the city.
Also, it does seem that the economic recovery is well and truly on in the UK after the initial frenzy of the June 23 referendum. The pound has recovered a lot of lost ground over the last 30 days, going from 1.11 EUR to 1.17 EUR. This is wonderful news indeed, for both buyers and sellers.
Another reason for you to look to sell to overseas buyers is that domestic buyers have mostly pulled out of the market. Local confidence in real estate in England is a bit low and we don’t see the same kind of involvement as in the past.
Indeed, non-EU buyers were responsible for 55 percent of the property transactions in London. This should give you an indication as to which way the market is moving.
If you need to sell property in England fast to overseas investors contact us today.