Top 7 Reasons you Should Buy Property in the UK
The United Kingdom has a free and stable economy. It is considered one of the top five investment destinations of the world, so buying a house in the country will save you money and make you money, in the long run , that is, if you ever decide to sell it or put it on rental.
Having an investment in the UK makes it easier for you to relocate your family to the country since you have something that shows that you will be able to take care of them, so basically, you cannot go wrong with buying property. However, it is advisable to seek immigration legal advice before going ahead. This may include submitting a naturalisation application which is most likely necessary for the average foreign investor. Below are a few reasons why you should consider buying property in the UK.
1. Growing Population
Many people worldwide have chosen to relocate to the UK, either for work or to start a new life. The number of Visa applicants and migrants to the country increases every year, which means that the demand for housing will surely increase, so you want to be ready to tap into this opportunity.
The United Kingdom has forecasted that its population will increase to 74 million in the next 20 years. According to a report, a more significant percentage of people in the UK are living on rent. However, buying a property and leasing it out will not only be profitable to you, but you will also be doing a lot of good for people looking for a place to stay.
2. House Shortage
Due to the increasing population of the United Kingdom, the availability of houses has been reduced. This problem will most likely get more prominent because the population is not decreasing anytime soon. The number of people filing for divorce is another factor that has led to house shortages in the UK.
When a couple becomes separated, the family splits into two, and suddenly, there’s a need for each of them to start looking for a new home. However, if you buy land and build a house, you are helping the country solve the problem of house shortage and making money for yourself.
3. Safe Atmosphere
Almost every investment has its risks but buying a house has less chance. The only thing that might be risky is you fail to seek legal advice from the best immigration lawyers UK before purchasing the property. In 2007, the economic crisis affected almost every business sector, but because people always needed a place to stay, the UK’s property investors didn’t have to worry. Also, it’s not every day you hear about housing policies, so you are at peace with your property and investment.
4. Discounted Prices are Available.
You don’t necessarily have to make full payment while purchasing a property In the UK. There are property buying methods that allow you to find below market value properties, which helps you save a certain percentage of the initial price, such as buying repossession, Auction house, discount deals, etc.
Although not every real estate agent is accessible to these deals, some contracts allow you to get your property at a discount. Some arrangements are also available, which makes you pay a certain amount of money for some time until the total amount is paid. All these arrangements further make purchasing property more accessible.
5. Property Value Increases
Your property has a very high chance of increasing in value. Why would you want to keep your money in the bank when you can invest in real estate property and have doubled your initial investment in a couple of years? As the cost of living in the UK continues to rise, the cost of housing also increases. If you are lucky enough to get a property In the UK now, over time, the value will increase, producing more cash flow. You would even get more through rent received from your tenants.
6. Low-interest Rate Mortgage
Currently, the Bank of England’s rate is 0.1% on mortgage loans; isn’t that amazing? The beautiful part of it is that you can borrow up to 75% of the property’s purchasing price. Considering the low-interest rates of banks, you can buy more properties and even start your real estate company. If all you want to do is secure a property before applying for Spouse Visa to bring in your wife or husband, the interest rates allow you to do so. All you have to do is get the necessary documents and head over to the bank.
7. Government Consent
The UK Government has a series of Help-To-Buy schemes that make it easier for people to purchase properties. All you have to do is fill a form on the website, and if you are qualified, you can select the scheme that works for you. With the Government’s intervention and consent on citizens acquiring properties, it is evident that the UK is an excellent country for buying a property.
Many residents in the UK buy properties for different reasons, some for business’ sake and some because they want to settle with their family. However, if you wish to bring your family abroad into the UK to live with you, you can apply for a Spouse visa.