There’s currently a lot of uncertainty in the UK at the moment, and it is mostly surrounding the vote as to whether we should stay within the European Union that is to take place in June.
This vote is not only going to affect how we are run as a country, but it appears that it’s also influencing the interest in the UK’s property investment market, too.
The Uncertain Future of the Pound
With so many investors attending property auctions on a daily basis, it’s easy to think that the property market is booming and becoming more affordable.
While it isn’t short of properties, and the sales are still reaching optimum price ranges, the looming EU vote seems to be one of the reasons that the property and property auction industries are appearing to look so great; especially when it comes to foreign investors looking for a great deal.
The stability of the pound sterling is also partly to blame for this increased overseas interest, as property prices are becoming relatively lower when converted to another currency, mainly due to the uncertainty of our position within the EU.
The sterling’s value has dropped dramatically ahead of the June referendum, even though property prices have been seen to still be rising. This has been seen by many as a sign of complete uncertainty of the outcome of the vote.
The Overseas Investors
This uncertainty hasn’t deterred foreign investors, however. For them, this makes property in the UK a much more affordable asset to their portfolio, whether we stay within the EU or not.
There are even certain parts of the UK in which the property prices are still climbing; like London for example. Although the value of our currency is dwindling, it seems as though the cost of property within the London area seems to still be rising, although at a much slower rate than expected.
So What Does This Mean?
So although it seems as though the property market is taking a hit with rising property prices, it doesn’t mean that there aren’t properties out there which will give their buyers a great deal. In fact, even if you aren’t an overseas investor, it is still possible to find a property to invest in which will give you a great deal.
It’s all about looking around and scouring the market for those deals. Although the price of property is gradually rising, it’s at a slower rate, meaning that theoretically more properties will remain at a more attractive price for longer.
If all this seems a little confusing for you, feel free to get in touch with us here at Prideview. As leading property consultants with years of experience in helping investors find the perfect property for their requirements, we’ll be more than happy to find the best property deal for you.