A land of opportunity
There has been a steady rise in the number of HNWs choosing the Tier 1 (Investor) route into the UK. In fact, the number of visas granted has risen to a five year high despite the fact that applications for the category were suspended briefly in early December last year. This could be for a number of reasons but some have considered the drop in the pound to be a strong draw to the UK. This may especially be the case for investors with families given that school fees, for example, might seem more affordable when the pound is weaker.
The home office granted 255 people tier-1 investor visas in the first half of 2019, allowing them to live and work in the UK for five years. This was the most in a six-month period since 2014, according to the department’s data. There was also an increase of 91 people applying for the visa in the three months to the end of June.
Brexit has opened up an opportunity for those looking to establish themselves in the UK, to grab property in London at subdued rates. In the run-up to the Brexit, housing prices in London remained remarkably subdued in 2018. Both residential and commercial property prices in the UK will remain attractive post Brexit.
It is fairly safe to assume that, Brexit notwithstanding, we will see more Investors making calculated plays in the UK real estate market and business in the times to come. This is why those that are not worried about Brexit, will see the appeal London and the UK still has to a global market.
As we approach the end of the year, we await the figures for quarter 3 and quarter 4 Tier 1 investor visas but for the last quarter, the number of applications, compared to last year have continued to increase. By the time we reach the new year we will have had the 4thquarter results, and with applications continuing to thrive, the relationship between those wanting to relocate and the UK is likely to continue to flourish, whatever the outcome of Brexit negotiations.