Asian investors eye UK property market after collapse in sterling
Asian investors are showing strong interest in UK properties following the Brexit vote. International investment platform Juwai.com has seen a 30%-40% rise in interest in UK properties in the four weeks after the vote. As the pound has fallen in value to a 31-year low of $1.2734, investors are taking advantage of lower prices for property, particularly in real estate hotspots such as London and Manchester. Property investors are largely Chinese cash investors looking for residential and commercial properties.

LONDON -- Asian investors are wasting no time in pouncing on the U.K. property market, in spite of continuing falls in the value of the pound as the implications of Brexit become clearer.

After falling by about 12% against the dollar since Britain's June 23 referendum on leaving the European Union the pound dropped to a 31-year low of $1.2734 on Oct. 4 -- down about 13.6% since the vote -- following the announcement of a timetable for exit negotiations. The currency decline means that U.K. properties are substantially cheaper for overseas investors, drawing in the bargain hunters.