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Brexit has not put foreign landlords off investing in UK property, London property agent ludlowthompson has reported.
In fact the number of overseas landlords owning UK property has hit a five-year high, said the firm. At 184,000, the number represents a 19 per cent increase over five years.
Many overseas investors made the most of the fall in the value of the pound between the UK’s EU membership referendum and confirmation of a Brexit agreement. ‘Favourable exchange rates meant that foreign buyers were able to get more for their money, opening the market up to a wider pool of investors’, said ludlowthompson.
Despite tax changes, including a 2 per cent stamp duty surcharge, UK property will remain an attractive long-term investment prospect for overseas investors, it believes.
In recent years there has been an increase in the number of Hong Kong buyers of UK property. This is expected to rise following the launch of the new visa for Hong Kong British National Overseas passport holders, said the firm.
‘Fears that Brexit might dampen the appeal of UK property amongst overseas investors have been unfounded, with the number of overseas landlords reaching a record high’, said ludlowthompson chairman Stephen Ludlow.
‘Investments by overseas landlords into UK buy-to-let properties has ensured that there has been a steady stream of capital into that sector, which has kept the quality of rental stock far higher than would have been the case with these investors’.