Global buyers continue to prefer investing in the United Kingdom (UK) as per reports. This trend has kept the momentum going in the luxury real estate segment in the UK and several parts of London according to experts. Super-rich buyers have reportedly cashed in on the slight decline in property prices and sterling values in the wake of Brexit to purchase more homes priced at more than 10 million pounds prior to the referendum vote. Three times more homes have been bought in this price band as per reports after the slump in the sterling post the Brexit vote.
300 homes were sold with each priced more than 10 million pounds till April 2017 which was a major increase from 100 homes sold in the year before. The 13% drop in the pound value as compared to the dollar ever since the referendum made the United Kingdom particularly attractive for global investors who were looking for luxury property bargains. This trend has continued ever since. Buying activity has actually remained quite steady in the ultra-luxury and luxury real estate markets in London and much of the UK over the last 2-3 years and global investors continue to be highly active in this segment since prices have come down slightly for some luxury properties.
The biggest property spends by global investors was observed in London over the last couple of years. Brexit has impacted ultra-luxury properties in UK’s capital and hence with prices stabilizing or coming down, there were several attractive investment opportunities to be cashed on as far as global property buyers were concerned. There is still considerable demand for high quality, exclusive and premium homes in the UK and London. The tally of luxury properties drawing investors worldwide includes both mega mansions and ultra-prime apartments among other types.
