The UK housing market today certainly seems very different than it did two months ago. With the ongoing uncertainty of the COVID-19 pandemic along with the ripples of Brexit still to come, it can be hard to track how and where the property market will be affected. Today, one thing is certain: the current economic impacts have meant that the affordability of many properties is changing rapidly. This is particularly felt by buyers from abroad, for whom property prices in the capital have dropped to their most affordable for a long time due to changes in the exchange rate. Buying Agent Partnership are working harder than ever to match our overseas clients with their dream homes, as your trusted property search agents here in the UK.
Why is UK property still a good investment for overseas buyers?
With the combination of an uncertain Brexit future, with Britain’s exit from the EU still to be determined, and a global pandemic disrupting most world economies and industries, it’s perhaps unsurprising that UK property prices are seemingly dropping to lower than usual.
This means that UK property is particularly appealing to purchasers from overseas: property in the UK is a key investment for many people, as a property to let, a main residence or as a second or ‘holiday’ home. Now, purchasing property in the UK is on the brink of being suddenly and readily affordable for many. Indeed, the projected price drop will provide many people with the incentive they’ve been waiting for to make that all-important selection.
In addition, the government’s planned introduction of a 2% stamp duty surcharge for non-UK buyers from April 2021 will mean that if overseas buyers complete before then, they will automatically save 2%, plus any advantage their currency gives them. For instance, buyers from America will know that their currency, the US dollar, is worth 6% more against the pound so far in 2020, making a British investment property worth the wait.
How can international buyers view or examine properties?
However, for many, the current travel restrictions prevent them from viewing the properties which might suit their lifestyle or requirements. Given the nature of the current restrictions, it is difficult to state precisely when prospective overseas buyers will be able to visit the properties they have shortlisted. Indeed, for buyers from overseas unfamiliar with the UK, they may not even know where to begin to shortlist in order to capitalise on this unexpected affordability.
Of course, regional areas of the UK differ enormously from one to the next, including landscape, climate, local amenities, transport links and many more elements. For prospective purchasers abroad, property finding in another country or continent can prove daunting and difficult at the best of times. An effective international travel ban proves extremely difficult to pair with house-hunting from overseas!
How can property search agents help?
This is where Buying Agent Partnership can help. Buying Agent Partnership is made up of regional property finding agents who are not only experienced in acting for overseas buyers, but are experts in providing detailed profiles of towns and villages within their network. Property search agents are able to take note of clients’ requirements, and assess all the properties both listed as well as access to some unlisted properties, to find a match. For clients living overseas, Buying Agent Partnership can remove the difficult and inconvenient expense of international travel purely to view properties, instead using our expertise to assess a property’s suitability for your requirements.
Property search agents at Buying Agent Partnership are also able, under normal circumstances, to visit and view properties on behalf of clients in person. Despite these challenging circumstances, we are still able to provide support to our clients. Buying Agent Partnership are able to take on new clients, even during this period, assessing their requirements for properties as well bringing new properties to their attention as soon as they reach our notice.
At Buying Agent Partnership we have always offered an ad-hoc Property Preview service for buyers unable to travel to see a property in person. The current overseas restrictions make that more valuable than ever. Now that the UK property market has reopened we are able to view properties on our clients’ behalf, provide video or even live virtual viewings, so the all important shortlisting process can continue in the meantime.
The favourable market conditions also apply for expats looking to relocate back to the UK and wish to take advantage of the situation and make their move! Buying Agent Partnership can act as your property finder, negotiator and information resource for all things related to your move back to Britain.
For many people either hoping to property-hop, the lockdown has put the brakes on long-held plans. Now, you can restart your journey, with the help of our property search agents at Buying Agent Partnership. For any further information, please don’t hesitate to contact us here at Buying Agent Partnership and one of our experts will be more than happy to help you.