Home Business NewsBusiness Brexit bites London: Singapore lender suspends loan programme in capital

Brexit bites London: Singapore lender suspends loan programme in capital

by LLB Reporter
30th Jun 16 10:36 am

But will a drop in pound attract investors?

UOB,One of Singapore’s largest lenders, has halted its loan programme for London properties following Britain’s vote to leave the EU.

The news comes as the pound hit a 31-year low following Brexit.

UOB told the BBC in a statement: “We will temporarily stop receiving foreign property loan applications for London properties.”

“As the aftermath of the UK referendum is still unfolding and given the uncertainties, we need to ensure our customers are cautious with their London property investments.”

However analysts have said that the drop in pound will attract more investors to the capital.

Nicholas Holt, head of research for Asia Pacific at Knight Frank, said: “The significant drop in the value of the pound, as in 2009, could lead to an uptick of interest by Asian investors, who, over the past few months have adopted a wait-and-see approach to the referendum — and will now see their buying power increase.”

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