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UK expats still taking advantage of sinking sterling to purchase UK property
| Published: | 29 Nov at 6 PM |
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Expats on assignments in the UAE are still taking advantage of the shrinking pound by investing in UK property.
New research indicates both foreign nationals and UK expats working in the UAE are snapping up British real estate whilst sterling is at a low point. Outside London, its suburbs and its fashionable outer rim, property prices are falling due to low demand by British residents, leaving bargains to be had in the buy-to-let and second home markets.
During 2017, the majority of buyers concentrated on properties in the Midlands and the North West, with Birmingham and Manchester all-time favourites. London is now at the bottom of the desirables list due to its poor rental returns and high purchase prices. There’s always been a property price divide between the southern and northern regions of the UK, with average property values in London and its surrounding counties rising over the past decade by a huge 70 per cent.
In contrast, property costs in Northern Ireland have fallen by over 40 per cent during the same period and prices in some Northern England regions have dropped even further. Apart from currency fluctuation, another reason for the increase in investment purchases is the comparative availability of buy-to-let mortgages compared with several years ago.
Investors are also attracted to UK property by the country’s robust legal system, which ensures buyers are protected whilst maintaining a straightforward process which can be completed in quick time. Nowadays, buyers aren’t just the wealthy, as salaries are comparatively high in the UAE for teachers, IT workers and nurses who’ve been rejected by traditional mortgage lenders and are now finding it far easier to jump on the buy-to-let bandwagon.
Specially created expat mortgages are now helping UK expats working in the UAE to get on the property investment ladder simply by making use of the chance to earn decent salaries and investing money they don’t need to use for everyday life.
New research indicates both foreign nationals and UK expats working in the UAE are snapping up British real estate whilst sterling is at a low point. Outside London, its suburbs and its fashionable outer rim, property prices are falling due to low demand by British residents, leaving bargains to be had in the buy-to-let and second home markets.
During 2017, the majority of buyers concentrated on properties in the Midlands and the North West, with Birmingham and Manchester all-time favourites. London is now at the bottom of the desirables list due to its poor rental returns and high purchase prices. There’s always been a property price divide between the southern and northern regions of the UK, with average property values in London and its surrounding counties rising over the past decade by a huge 70 per cent.
In contrast, property costs in Northern Ireland have fallen by over 40 per cent during the same period and prices in some Northern England regions have dropped even further. Apart from currency fluctuation, another reason for the increase in investment purchases is the comparative availability of buy-to-let mortgages compared with several years ago.
Investors are also attracted to UK property by the country’s robust legal system, which ensures buyers are protected whilst maintaining a straightforward process which can be completed in quick time. Nowadays, buyers aren’t just the wealthy, as salaries are comparatively high in the UAE for teachers, IT workers and nurses who’ve been rejected by traditional mortgage lenders and are now finding it far easier to jump on the buy-to-let bandwagon.
Specially created expat mortgages are now helping UK expats working in the UAE to get on the property investment ladder simply by making use of the chance to earn decent salaries and investing money they don’t need to use for everyday life.
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