The end of lockdown will trigger significant interest in UK property from those currently based overseas, according to expat mortgage broker Guy Stephenson of Offshoreonline.
Stephenson points out that some parts of the world have not felt the effects of the
coronavirus outbreak to the same degree that the UK has, and many enquiries about
properties in the UK are now coming from Asia.
He said: “The vast majority of expat buyers of UK buy-to-let property come from parts of the world which have suffered far less from COVID-19, areas such as the Middle East, Singapore and even Hong Kong.
“Buoyed by the success of containing SARS in 2003, Asian governments have deployed
tried and tested techniques which have helped them recover quickly. Already we are seeing enquiries coming from Singapore and Hong Kong again.”
He added that, once the UK recovers, UK expats with approved mortgage applications will
be the ‘first away from the starting gun’.
Before the lockdown took hold, the expat mortgage market began to show signs of strong
performance following an initial lull amid ongoing political uncertainty over Brexit - and once Boris Johnson secured power in the December General Election, much of that uncertainty soon disappeared.
As a result, Offshoreonline saw more expat mortgage enquiries in January 2020 alone than
in the whole of the last quarter of 2019.