Overseas investors confident UK property market will improve
Property speculators based abroad are confident that the UK's property market will improve in the foreseeable future, an expert has said.
According to Daniel Burgess, managing director of Discount Letting, foreign property investors are increasingly becoming attracted to real estate in and around London's financial district because they consider the UK to be a relatively safe bet compared to other countries within the EU.
He pointed out that although the UK's property market has been ravaged by the precarious economic climate and its short-term prospects may not look particularly bright at the moment, overseas investors believe that the UK will ultimately move back towards growth.
Mr Burgess pointed out that overseas investors with adequate funds should consider focusing their attention on prime real estate located in central parts of London.
"If we see an increase in investors investing in the capital's financial district, the result will be increased prices," he commented.
"The more investors look to invest in the financial district, the higher the prices will go. This will put the prices out of reach of normal folk, but then financial district prices are already out of reach of normal folk and have been for some time."
Overseas investors are also advised to make sure that they enlist the services of an international money transfer company so that their transaction goes as smoothly as possible.
Liz Rowlinson, editor of overseas property magazine A Place in the Sun, recently said that many prospective property buyers have been put off from acquiring property in Spain and France because of the exchange rate between the pound and the euro.