Wealthy mainland Chinese eye bargain homes in UK as Brexit delivers ‘10 per cent discount’
While some investors are keen to buy at lower prices brought about by a weaker pound, experts warn that market uncertainties increase short term risk
Undeterred by the potentially grim economic outlook after Britain’s decision to leave the EU, some wealthy mainland Chinese have started eyeing bargains in the UK housing market, but experts warn that those chasing investment returns had better keep their buying plans on hold until uncertainties are resolved.
With the pound falling more than 10 per cent to its lowest in three decades over the stunning Brexit referendum fallout last week, Sunny Chen, who currently studies in Cambridge, told the Post her parents were for the first time considering purchasing a house in the eastern English county town.
“It feels like we can now buy the same house with a 10 per cent discount, which is quite exciting,” the Guangdong native said. “We are seeing if there is any good deal close to my university so we can buy it and I don’t have to rent a flat anymore.”
Chen’s family was among a number of high net worth Chinese individuals looking to go bargain hunting in Britain’s housing market amid the global market turmoil brought about by Brexit, although more buyers are believed to be sitting on the sidelines as they worry over escalating political and economic uncertainties.
“Over the last a few days the number of inquiries we have received from Chinese clients surged by almost half,” said Shanghai-based Gabriel Shen, who heads the UK operation of Homelink, one of the biggest real estate agencies in China.
