After the most turbulent years in recent memory, the UK property market appears to be deftly bouncing back since its re-opening after the Coronavirus lockdown.
A combination of increasing market confidence and the announcement of a temporary stamp duty holiday has thrown fuel on the fire and ignited the market once more.
Alternative investment opportunity, Stamp duty holiday up to £500k so a flurry of first time buyers, banks committed to lending, etc.
According to British bank Halifax, property prices rose 1.6% in July, the first time in five months, and the annual growth rate has rebounded to 3.8%. (Halifax bases its property price index on mortgages it has approved).
This latest data solidifies the emerging view that the UK market is in fact in a ‘mini-boom’ period and experiencing a surprising spike post-lockdown
So, what does this mean for buyers? With a better than expected recovery post-lockdown and favourable regulatory conditions caused by the temporary stamp duty holiday, many pundits believe that there is a window of opportunity presenting itself. International investors looking for opportunities to diversify against stock and bond market volatility are grappling with a continued uncertainty of what the housing market will ultimately look like in a post-COVID economy, it seems that many believe the time to act is now. International investment in the UK property market has driven demand in a supply choked market and is tipped to drive property further in the coming months.
What does this mean for overseas buyers? Volatility has been rife in the FX space since the pandemic started. With markets poised for more volatility as Brexit comes back into play, expertly timing a property purchase is the key to maximising purchasing power. And that’s where Privalgo comes in. Speaking with a Privalgo representative about where and when to buy can have a monumental impact on the viability of your property purchase. As an example, throughout the pandemic, there has been a roughly 12-14% movement between the EUR/GBP, which equates to a €46,480 difference in price on a purchase of £300,000. Due to the global pandemic, many international ex-pats have been called to repatriate as companies are streamlining their overseas assignments. Making every penny count in these unprecedented times is the smart way to think. So be it repatriating to the UK, relocating from abroad or merely looking for an international investment opportunity in the UK. We can help.
As we together navigate the economy in our world post COVID, naturally there remains a degree of uncertainty about the global landscape, including the ways in which the housing market will remain affected. But it’s clear that from what we see now, that there is a potential window of opportunity for overseas purchasers looking to capitalise on the current favourable landscape. Allowing Privalgo to assist in the transaction will only lead to greater success.