Despite the growing concern amid the coronavirus pandemic, international property investors are expected to increase their presence in the UK buy-to-let market over the next few months.
The fall in the value of the pound has grabbed plenty of headlines over the past few days, with sterling hitting its lowest level against the dollar for 35 years with the effects of the coronavirus pandemic sending ripples through the UK economy.
But a weaker pound makes it cheaper for overseas investors to buy property in the UK, while there appears to be plenty of room for negotiation when it comes to asking prices.
Meanwhile, foreign buyers and British expats are looking to act now by snapping up property in the UK before the 2% stamp duty surcharge is introduced in April 2021.
Andy Foote, director at investment company SevenCapital, said: “Ahead of the April 2021 date we are likely to see a heightened interest or sense of urgency, particularly in the UK’s prime residential markets, as investors seek to secure their investment ahead of time and avoid paying the extra stamp duty.”