Overseas Interest In London Prime Postcode Luxury Homes Continue To Grow
London New Homes
The reports by Halifax claim the house price in the UK have been growing fast since the start of 2017 during the three months to May end, even though the last year's growth was slow. Halifax said the prices were 5.2 per cent higher in comparison to 2018.
The imposition of higher purchase taxes on homes worth over $1.7 million and the second home created a temporary depression. As per the new rules from 6th April 2019, the investment made by non-residents in the market will oblige the property buyers to pay the UK Corporation Tax, which even applies to the indirect disposal of UK real estate.
The housing markets indicate development in the broader economy, and the current instability in the political arena created perplexity; on the contrary, the number of first-time buyers continues to grow; wherein in the 12 months to March 2019, the number of such buyers increased to 359,000(as per Nationwide survey).
Despite falling development, the number of exchanges and home loans remained stable.
Halifax house price data suggests a stronger demand where annual price growth was 0.6 per cent in April. House owners are earning through annual gains in price, rents, and the decline in the mortgage rate.
These factors have supported residential and commercial real estate markets in the country. Recently, technology firm Edge bought the £50m office development site in the commercial sector, and several US super-rich and overseas investors are buying in the UK.
The US Investors Buying London Mansions
Hedge fund billionaire Ken Griffin is one of the US Investors Buying London Mansions at the best times to invest in UK mansions. London is one of the best districts for Americans to buy. Hence, the investment doubled in the year compared to 2018(as per Knight Frank).
The US buyers are second to the Chinese in purchasing in the prime postcodes of London as the pound decline supported prices when the government increased the sales tax.
A report by the CIT Group Partners LLP claims that overseas investors from the US purchased over 30 per cent of the luxury homes and apartments where the starting price of the project was 2.9 million pounds.
London remains one of the most expensive cities for real estate investors, but it dropped four places from 19th to 23rd last year, mainly due to the weakening pound against the US dollar.
It remains a key destination for investors who want to relocate to international business and financial centres. However, London is a wealth centre (Knight Frank data), and the recent appeal for investment in the city was not motivated by Brexit.
There has been an increase in overseas migrants coming to the capital city. However, the official data suggest the house price inflation was up to 1.4 per cent in the 12 months to March, and it is expected to remain stable in the coming year.
For new opportunities in the UK real estate markets, click Hamilton International Estates (www.hamiltoninternationalestates.com).
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