8th
Apr 2021
A residential property services firm claims that the number of overseas landlords renting out residential property in the UK is at a five year high of 184,000, an increase of 19% over the last five years.
The firm says the rise shows that Brexit has not stopped overseas landlords from investing in UK residential properties, with many taking advantage of the pound’s value dropping after the 2016 referendum and the current Brexit outcome.
The firm says that even with the tax changes on UK property it is still a very positive investment for foreign investors.
The current political situation in Hong Kong has encouraged many investors from the South China ‘region’ buying UK properties and with the new ‘open door’ visa for Hong Kong British National Overseas passport holders, is going to increase demand from this region even further.
The UK’s esteemed schools and universities educational standards have also been extremely beneficial as the firm says that many overseas landlords have bought properties for their children whilst studying in the UK.
And of course the stamp duty holiday has proven to be a ‘golden ticket’ with savings of up to £15,000 for properties valued up to £500,000 which is due to end on 30th June. From 30th September properties valued over £125,000 will also be subject to the original stamp duty charges.
A spokesperson for the firm, said: “Fears that Brexit might dampen the appeal of UK property amongst overseas investors have been unfounded, with the number of overseas landlords reaching a record high.
“Many canny investors took advantage of the temporary drop in Sterling’s value to purchase properties in the UK and benefited from both an increase in property prices and a recovery in sterling.
“Investments by overseas landlords into UK buy-to-let properties has ensured that there has been a steady stream of capital into that sector, which has kept the quality of rental stock far higher than would have been the case with these investors.”
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