Vaccine programme builds confidence
A rising number of foreign buyers have been taking an interest in the UK property market due to the price dip in London’s new build market and the renewed confidence in the UK’s economy and vaccination programme.
Skipton International reported a trebling of mortgage completions from Hong Kong residents purchasing buy-to-let properties during the first quarter of 2021, with a 34% increase in enquiries from residents in the EU compared to quarter four in 2020. The continuous easing of lockdowns and availability of vaccines to younger generations has inevitably spurred this long-awaited rush, however even without the positive steps forward of the vaccine programme, the UK has plenty to offer. Right now, there is a good balance between home prices being low and good exchange rates, making the UK, and particularly London a stable future prospect for those looking to safely invest and secure their future in an exciting city now most COVID restrictions have come to an end.
Life Mortgages Managing Director, David Baker, told financial trade website Mortgage Solutions, “we’re seeing lots of business from people not paid in sterling who want to buy in the UK – the feeling is that the UK is a good place to have your money, and London is a safe bet.