British expats are taking advantage of the fall in Sterling since the UK voted to leave the European Union and buying property back home as an investment, research suggests.

One lender who specialises in mortgages for British expats has recorded an 80% increase in mortgage applications from people living abroad. They want to buy a property that they can rent out and then potentially use it if they move back to the UK.

Skipton International, which launched buy to let mortgages in 2014 as a direct response to the difficulties British expat customers faced obtaining a mortgage on UK investment properties, said the increase has been notable since Brexit.

‘We have seen a massive increase in enquiries from British expats in the months after Brexit, which accelerated notably since the value of the pound dropped substantially. On some days we have seen up to four times the number of queries we were seeing before Brexit,’ said Nigel Pascoe, Director of Lending, Skipton International.

‘Many British expats are viewing the devaluation of Sterling as a good opportunity to buy properties in the UK, bringing back foreign currency savings. UK property is typically a long term investment for British expats. They can service the mortgage through the rental payments, while enjoying capital growth on a property,’ he added.

For British expats looking for an investment property that they can live in sometime in the future they might like to know that a property by the sea or an island are the most sought after in the country.

New research shows that the picturesque Isle of Skye has been named the nation’s most desired place to live, after almost 24,000 people were asked by Rightmove where they would most like to live in Great Britain.

The popular seaside resort of Woolacombe in Devon made second place on the list, with one of the most expensive seaside towns of Salcombe in Devon coming eighth, where average asking prices are just below those in London, at £635,083.

Four places in Cornwall were named, the market town of Callington, the surfer’s seaside town of Newquay, the fishing port of Padstow and holiday favourite St Ives. Flying the flag for the north are Keswick and Ambleside, both in the popular Lake District.

‘It’s interesting that none of the areas are in the highest priced regions of Britain, London and the South East, likely because the appeal of some of the big cities is the good job options and transport links rather than moving for the amazing scenery,’ said Rightmove’s Research Manager Abiola Oni.

The research also showed that many of the most desirable places to live in Britain have house prices which are relatively cheap compared with the national average. The average asking price for a home on Skye is just under £231,000, according to Rightmove, well under the average price tag of a home generally across England and Wales, at £305,670.

Pembroke in Wales was also among the most desirable places to live. And with the average asking price for a home there at £169,969, Pembroke is the least expensive place to live on the list of the most desirable areas.