Sterling’s 11% loss in value following the UK’s decision to leave the EU has led to a frenzy of interest in UK real estate from Asian buyers. A 30 year low of HK$10.26 made property in the UK all but irresistible to many buyers across Asia, with investors focusing on long-term capital growth as much as rental income. It was no coincidence that a number of high-profile London developments launched in Hong Kong the day following the Brexit decision.
But it isn’t just the capital that has quickened Asian investors’ pulses, according to Stuart Johnson, Business Development Manager at Prime Centrum. He comments,
“The plummeting pound has fuelled interest from Chinese investors in real estate opportunities in a number of UK cities following the UK’s ‘out’ vote. We’ve seen a leap in enquiries for property in second tier cities like Leeds and Liverpool, which are reaping the benefits of the impact of Brexit on sterling’s value. Buyers have their eye on long-term gains. They were suddenly in a position to pick up property at bargain prices and many acted fast to take full advantage of the situation.”
Parliament Residence in Liverpool is just the kind of property that has grabbed the attention of Asian buyers since the outcome of the Brexit referendum was relayed around the world. The 44 one and two bedroom apartments offer high end waterside living in a central Liverpool location, so are ideally position to attract strong demand from professional tenants.
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