Mortgage News
Overseas buyers look to UK bargains
Buyers from overseas looking for a bargain have been targeting the UK probate, part-exchange and repossession markets, according to whitehot property.
Figures from whitehot, the chain-free property seller, showed that 6% of prospective buyers between January and March 2010 have come from abroad.
Potential buyers came from 137 countries, with the majority hailing from the United States, Spain, France, Australia and Germany.
Robin King, property director of whitehot, said: “The current strength of almost all foreign currencies against the pound makes property in the UK very attractive. We are seeing thousands of prospective buyers searching our probate, part exchanged and repossessed properties which suggests a familiarity with the housing market in this country. I would predict that many of the buyers are either UK nationals looking to buy property at home or foreign nationals that have spent time in the UK.”