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.”
With the UK, and England in particular, returning to a welcomed sense of normality, the success of the vaccine programme is something that is resonating with those looking for stability post-COVID. Oxford estate agent Wallers has reported a rise in enquiries in non-European overseas buyers over the past six to nine months, particularly from the Far East. He noted a significant proportion of the enquiries were from families from Hong Kong who want to relocate to a different part of the world because of political troubles, telling Mortgage Solutions, “We have seen more enquiries than normal from buyers in the USA and Canada, and there has been a sense that they are seeing the UK in more attractive terms now that it is out of the EU, which has been contrary to my own preconceived ideas about what Brexit might do to our property market.”
As the pandemic eases, we expect enquiries into the Tier 1 Investor visa programme will start to rise. Notwithstanding the human, political and economic fallout of the pandemic, interest in investor visas has not waned. If you need help or advice with a Tier 1 Investor Visa query do contact us today. We can help you to decide whether coming to the UK is the right step for you, give you the most appropriate and up-to-date information on making your application, and give you help and advice on making your future move the success it deserves to be.