UAE, US Driving UK's High-end Property Market
According to UK mortgage broker Enness Global, the top countries of origin for high-end international home buyers coming into the UK property market -- during the 2020 Coronavirus outbreak -- include the UAE, United States and Australia. Data from Enness shows that when it comes to the largest nu
Published -
Oct 16, 2020 2:30 AM
According to UK mortgage broker Enness Global, the top countries of origin for high-end international home buyers coming into the UK property market -- during the 2020 Coronavirus outbreak -- include the UAE, United States and Australia. Data from Enness shows that when it comes to the largest number of mortgage deals being secured by international buyers across the top-end of the UK market. The UAE is currently leading the way. The nation accounts for 35% of all deals done by Enness so far in 2020. The USA is the next most prominent nation where current market activity is concerned, accounting for 14% of all deals. International buyers from Australia (9%), Cyprus (5%), Germany (5%), Saudi Arabia (5%), Singapore (5%) and Switzerland (5%) also account for a large proportion of current market activity within the UK's top tiers. However, when it comes to the average value of the property being purchased, Malaysian buyers are leading the way. So far this year, the average property value for Malaysian buyers obtaining a mortgage via Enness has been £5.1m. The USA again ranks high, with an average purchase value of £3.6m, followed by homebuyers from Cyprus (£3m), Switzerland (£2.4m) and Monaco (£2.25m) The most activity is currently coming from the UAE, however, in terms of the sums borrowed, the price of homes purchased and the deposits placed, Malaysian and American buyers consistently rank top in the current market. There has been an uplift in demand from the international circuit of late as the domestic market has once again found its feet. Many see the rapidly returning rate of market health at lower price levels as a good indicator that the high-end market is soon to follow. As a result, they're deciding that now is the time to commit and this uplift will soon show where top-line price growth is concerned."
Tags : INTERNATIONAL