London property snapped up by overseas investors
Posted on Jun 30,2016
By Independent
London property snapped up by overseas investors
 
Overseas property buyers are snapping up London property after the shock decision for the UK to leave the EU, even as domestic buyers, spooked by uncertainty, pull out.

Estate agents in the UK have been swamped with calls from Chinese, Middle Eastern, Italian and Spanish buyers looking for a bargain after the pound tumbled to more than 30-year lows, making the exchange rate very favourable for foreign buyers.

Guy Gittins, the sales director at international property specialist Chestertons, said he spent the Friday morning after the result speaking to the head of property from a Middle Eastern bank who wanted a list of properties ready for clients who would arrive after the end of Ramadan.
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