CHINESE-UK-REAL-ESTATE-DEMAND-CONTINUES-TO-RISE-POST-BREXIT

Chinese UK real estate demand continues to rise post-Brexit

02.01.18

The UK vote to leave the European Union has had a positive effect on Chinese property buying inquiries, which sit 43.2% higher than they were at the time of the referendum.

When the Brexit referendum took place on June 23, 2016, the Pound Sterling plummeted, causing concern for many with homes in the UK. But for Chinese buyers this opened up a realm of possibilities for investing in the UK.

According to Chinese international property portal Juwai.com, the post-Brexit referendum boom in Chinese property buying inquiries still persists, even 18 months after the vote. These strong buying levels are expected to remain at similar levels throughout 2018.

"Specifically, this means that in the third quarter of 2017, Chinese property buyers made 43% more buying inquiries for UK property than they did in the second quarter of 2016, the period that encompassed the referendum," says Carrie Law, CEO of Juwai.com.

"At the time of the referendum, we said that the plummeting British Pound would be a primary driver of Chinese property investment in the UK. The lightweight Pound is still a key motivator of Chinese investment.

"The Pound Sterling has only regained about two-tenths of a percent in value from the low point it hit in the week or so after the referendum. On July 7, 2016, the Pound dropped to 8.6 Renminbi. Today when I checked it was at 8.8."

Law adds, "Chinese buyers now find that - due to the low Sterling - they can buy UK property for about 10% less."

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