Asians seek UK property bargains post-Brexit
WITH property prices in Britain predicted to plummet post-Brexit, foreign investors, especially in Asia, are poised for a buying spree.
It is an ironic twist to the shock referendum result - many who opted to leave the European Union saw their vote as a deterrent to outsiders looking to take advantage of economic opportunities in Britain.
Property prices are expected to take a hit, with reports of buyers pulling out of transactions due to uncertainty.
While there may be a "wait and see" approach for some, ambitious foreign investors are on the hunt for bargains after the British pound had collapsed against the US dollar last week.
"Several of my opportunistic investors have said we really ought to think about this seriously, and to think whether we should take advantage of this new window in the market," said Nicholas Brooke, chairman of professional property services for the Royal Institution of Chartered Surveyors.
He added that while many clients remained cautious, some in Hong Kong and China with "substantial" investment capabilities had voiced interest.
Property agent Knight Frank also said foreign investors would assess the impact of the Brexit fallout but the drop in the pound would mean their buying power would "increase significantly".
Interest would be especially strong from China, Hong Kong and Singapore.
The historic low of the pound against the Singapore dollar constituted a "fantastic buying opportunity", said Donald Han, executive director of Chesterton Singapore.