Yes! Unlike some countries that impose limitations on international investors buying properties, there are no restrictions for them purchasing UK real estate. You do not have to be a UK resident to buy a property in the UK.
What is the buying process?
The buying process is very efficient. A solicitor will be appointed to represent you through the transaction. They will need a certified copy of your passport, proof of address and your proof of funds, which is usually your bank statements or salary certificate to show the source of your savings. International investors will also able to finance their purchase through a mortgage. It is not necessary to have a UK bank account as rental payments can be made into any account you own in the world.
Do I qualify for a mortgage even though I am an international investor?
Yes, as long as you are eligible. There is a large list of both international and UK lenders who lend to international investors . We are happy to introduce you to our mortgage partners who will work closely with you.
What are the costs related to the purchase of a property in the UK?
The amounts you need to pay will depend on the value of the property, however generally Stamp Duty is payable on completion of the purchase and is a figure calculated on a tier basis. Conveyancing fees for the lawyer is generally between £1000-5000 for a 1,2 or 3 bed property but again are based on the value of the property.
The solicitor and mortgage broker (in the case of a financed property) would be able to provide the detailed breakdown of the actual purchasing costs.
With the initial launch of Crossrail just taken place, the property market has seen house prices in postcodes with stations due to benefit from Crossrail (CR) increase by up to 215 % since the project was first announced, carrying a 14 % premium compared to the wider areas.
Crossrail station postcodes have seen house prices climb by 79 % with the W1 postcode, with Tottenham Court Road and Bond Street Crossrail stations, seeing the largest increase.
In 2008, the average house price was just £725,603, but this has since climbed by 215 % to approximately £2.3m today, according to research by London lettings and estate agent Benham and Reeves.
The Woolwich CR station in the SE18 postcode has seen the second largest increase in property prices, climbing by 128 % since the project was first announced.
There are, however, around 13 stations where average property values sit below that of the wider area, offering investors and home owners future rapid growth.
Southall London has the largest level of Crossrail affordability, coming in 27% more affordable than the wider area of Ealing.
Hayes and Brentwood also offer some of the greatest levels of Crossrail affordability when compared to the wider area.
We expect that property prices in Crossrail areas will continue to rise quickly till the project is fully completed and beyond as these areas will continue to command a healthy premium because of excellent transport links.
The next phase of Crossrail is where the budding house market is primed for a take-off like we saw and is now known as ‘The Elizabeth Line Effect’. These make an ideal area for savvy investors with an eye on future property price appreciation.
Latest News: Queensway, London is undergoing a once in a lifetime £3bn regeneration including a new entrance for Hyde Park
A transformation is taking place in Bayswater/ Queensway bringing it in line and making it arguably more fashionable than its other more coveted Hyde Park neighbours.
Parisian-style street pavilions, widened pavements, significant green landscaping, public realm improvements, a new retail promenades, a series of landmark heritage hotel developments and a new public entrance to Hyde Park are part of the major overhaul.
Located between Hyde Park and Notting Hill, this major upgrade will deliver the future of London’s high streets and be iconised by landmark property developments including The Whiteley, the grand reimagining of London’s first department store, and Park Modern, a premium development with residences overlooking Hyde Park.
A new attraction for the area will be a series of Parisian-style pavilions, which aims to transform side streets from crammed parking spots to new retail and dining experiences.
The regeneration plans mark the biggest investment Queensway has ever seen. According to Knight Frank, Queensway will be repositioned as a “prime address” in line with the local neighbourhoods adjoining Hyde Park.
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