The number of expats buying a home in the UK with a mortgage has bounced back to the levels seen before the coronavirus hit the world.
Totals of approved expat mortgages for house purchases in May reached the highest level since January earlier this year.
The number of loans in the pipeline for expat homeowners re-mortgaging to a new deal also increased significantly. The current trend compared with the previous months is on an upward spiral and looks like continuing. This is more evidence that the UK housing market is going to remain stable even with all the uncertainty the virus has brought to the market.
Why is this happening?
The mortgage figures support anecdotal evidence from estate agents that following a brief dip in confidence after the virus gripped, expat and UK buyers are once again returning to the housing market.
But despite the increase, mortgages for expats buying a house are still 4% lower than they were in October last year.
Who does it affect?
The fact that buyers appear to be returning to the market is obviously good news for people trying to sell a property. The return in confidence may also encourage more vendors to put their homes up for sale, increasing the choice available to house hunters.
But the flip side of the situation is that buyers are also likely to face increased competition for properties from other buyers, which is likely to force house prices higher.
Can we help?
If you are an expat looking for a new or re-mortgage please do contact one of our fully qualified independent advisers and they will be happy to assist.