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Foreign buyers get discounts on UK homes of 21% thanks to weak pound

Investors from countries as diverse as South Africa and Russia are getting a 21 per cent discount on UK property according to an investment consultancy.

Homegrown says that with the value of the pound plummeting since the EU referendum 15 months ago almost all foreign investors can get better deals than a year ago, even though house prices have risen over five per cent on average since June 2016. 

The consultancy’s analysis of the wealthiest G20 nations shows Russian and South African investors are getting the most money off - 21 per cent - with Brazil third with a 17 per cent. 

Chinese investors are enjoying a 13 per cent discount - actually less than the discount enjoyed by Australia, India, Canada, Mexico and the European Union.

Turkey and Argentina are the only G20 countries paying more for British property now than 15 months ago because of currency fluctuations.

“Demand for housing has showed no sign of abating in Britain while many still struggle to get on the housing ladder, so it’s vital the country addresses its chronic shortage of housing stock” says Homegrown’s founder, Anthony Rushworth.

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