The British pound’s weakening trend has spurred inquiries among foreign buyers for prime properties in the United Kingdom, with experts saying the favorable exchange rate presents opportunities for investors from the United States and China.<\/p>\n
According to Savills data, overseas activity is primarily focused on new homes priced above 2 million pounds ($2.31 million), with inquiries also coming in from North America, the Gulf states and the Asia-Pacific region.<\/p>\n
Aside from the US buyers, Chinese investors have also demonstrated strong interest and are trying to take advantage of the tumbling pound.<\/p>\n
Kashif Ansari, Juwai IQI’s executive said: “Our daily buyer inquiries nearly doubled during September’s British budget crisis, which saw the pound plummet to 7.5 yuan, far below the lowest level seen in the past 10 years.<\/p>\n
“Chinese buyers today are getting 8 percent off the price of British property compared to a year ago. That’s 80,000 pounds on a 1-million-pound residence. That’s a very significant saving,” he said.<\/p>\n