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DeVere reports 50% rise in overseas mortgage enquiries post-Brexit vote

  • 20/07/2016
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DeVere reports 50% rise in overseas mortgage enquiries post-Brexit vote
Interest among British expats and overseas buyers has surged by 50% since the UK’s EU Referendum at DeVere Mortgages, with buyers from the Middle East dominating enquiries.

Mike Coady, managing director of deVere Mortgages, said the increase was a direct result of the referendum’s outcome, with many potential purchasers putting off enquiries until the UK had confirmed its position in or outside of the EU.

“Now we have the outcome, a high proportion of these have swung into action,” he said.

Coady said that signs house prices were cooling off throughout the UK was also an attractive trend for borrowers. He added that the falling value of the pound against other currencies was also drawing increased interest from overseas.

“It [the pound] is down approximately 11.5 per cent against the dollar and 10.5 per cent against the euro. As such, those buying in the UK with their local foreign currency are finding more value than before.

“Fourth, similarly, those raising a deposit in their local foreign currency are finding it easier to do so due to the Brexit-battered pound,” Coady added.

“And fifth, it is our experience that some UK sellers are more nervous since the shock result. With this in mind, some are willing to take lower offers from potential buyers than they were previously, especially overseas buyers who tend not to be part of a chain.”

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