Expat investors buying homes in Britain are cashing in on massive discounts afforded by the falling value of the Pound.
Currency exchange rate fluctuations are piling up cash reductions on the price of property.
Investors in 18 of the G20 developed nations can all pick up discounts of between 9.5% and 21% on property in the UK.
That takes down the price of a £1 million home by up to £158,896.
The value of the Pound has fallen against most major currencies since the Brexit referendum result was announced in June 2016, with concerns the exchange rate may drop further.
Expats in South Africa, Australia and the European Union benefit the most from the falling Pound.
Only those in Turkey and Argentina have suffered a foreign exchange loss, making a £1 million home cost up to £150,000 more in real terms.
Incredible value for money
The figures do not include stamp duty on purchase of £43,750.
“This just goes to show the incredible value that the UK property market still represents to armies of investors around the globe,” said Anthony Rushworth, founder of Homegrown, the company carrying out the research.
“Growth in the housing market has slowed over the last year, but it’s still growing on an annual basis and foreign demand is bound to be playing its part.
““Demand for housing has showed no sign of abating in Britain while many still struggle to get on the housing ladder, so it’s vital the country addresses its chronic shortage of housing stock. Homeowners have a vested interest in higher prices, but we have to do the right thing by younger generations and keep building.”
£1m house price discounts for expats and non-residents
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|Price of a £1m home