Chinese Demand for UK Properties Up 43 Percent Since 2016 Brexit Vote
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 on June 23, 2016. Chinese U.K. property buying inquiries are still 43.2% higher than they were at the time of the referendum.China UK Property Buyer Highlights in 2017:
- Chinese UK real estate demand still up 43.2% compared to day before BREXIT referendum.
- The weak Pound Sterling is a primary driver of increased demand.
- The average property inquiry price in London has increased in 2017 to $767,000 (£573,000).
- Buying to remain at similar levels throughout 2018.
"Specifically, that 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," said 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 concluded, "Chinese buyers now find that --due to the low Sterling-- they can buy UK property for about 10% less." Top 10 Countries for Chinese Property Buyers in 2017:
- U S
- New Zealand
- United Kingdom