Interest in the UK property market continues to grow despite recent the naysayers heralding the demise of the property market due to the uncertainties of Brexit
MANCHESTER, UNITED KINGDOM, February 21, 2020 /EINPresswire.com/ — Interest in the UK property market continues to grow despite recent the naysayers heralding the demise of the property market due to the uncertainties of Brexit and in fact confidence is continuing to grow in the property market. Stuart Marshall, Managing Director of Liquid Expat Mortgages has noticed a 38% increase in mortgage and remortgage enquiries in the first six weeks of 2020 compared to the same period last year.
“What’s more, the enquiries are not just coming in from UK Expats but also Foreign Nationals, who seem to have “discovered” the value of buying off plan property in cities outside London. Manchester, Liverpool, Birmingham and Edinburgh seem to be cities that have enjoyed high rates of growth and are proving popular with investors and Buy to Let buyers alike.”
Recent research would support Stuart Marshall’s initial observations with cities such as Manchester experiencing unprecedented growth over the last five years.
“Let’s take Manchester as an example. Employment in the city had already reached a record 329,000 in 2017 and continues to grow. Many more businesses are basing themselves in (and indeed relocating to) Manchester where they benefit from highly qualified graduates from the four universities in and around Manchester City centre. The number of active enterprises has increased by 40% since 2015 and a fifth of the workforce is employed in the financial, professional and scientific sectors. Growth is being driven by over 65,000 people believed to be resident in the city centre and this is forecast to increase to 100,000 by 2025”
Stuart believes that the increased interest in these cities is down to the overall package as infrastructure, employment and education means the quality of life is attractive to buyers and renters alike. “It’s important to differentiate between pure investors and the Buy to Let buyer. Investors tend to be more detached and approach their property purchase in a businesslike manner looking at capital growth and rental yield. These types of investors now look at Manchester as attractive as other cities major cities such as London have become expensive and yields have reduced considerably. Buy to Let buyers tend to have some connection with the city in that they perhaps have a family member going to study or work there. Maybe they studied there themselves and as such there is some affinity with the place. Some Expats even want a bolt hole to come back to when visiting friends or family. Essentially both types need to ensure they are buying the right property and this means carefully choosing your mortgage finance.”
What you need to consider when buying property as an investment.
Just because the results and rewards in property investment aren’t immediate doesn’t mean that they should be viewed differently than a business. Anything you do can affect the quality of your profits and results and this starts with the process of obtaining your mortgage. Once you’ve established a strong financial footing you can address the investments and ensure you nurture them so you can build your wealth in a pragmatic and business like manner. Create a detailed plan and keep well-organised records, allowing contingency costs for expenses, build a reliable team of competent professional contacts from mortgage brokers to trades people. “Just because you’ve chosen a good property doesn’t mean that you’ve guaranteed your money. Once you’ve started t build your portfolio wealth you need to maintain it. Maintaining your wealth is a different focus altogether. In order to accomplish this, you need to ensure that you have things like the right insurance, a good exit-strategy to mitigate debts and taxation and regular updates with you Expat broker who may be able to refinance existing properties so you can grow your portfolio easily and quickly.”
By working with an Expat broker you’ll quickly be able to understand your levels of affordability as you can access a number of different products suitable for your needs. An Expat broker such as Liquid Expat will help you make your financial profile as attractive as possible when submitting a loan application to a lender. “By having a specialist broker in place, time and money can be saved ensuring you secure your desired property quickly and the right finance to suit your objectives is obtained.”
Why Do So Many Expats and Foreign Nationals invest in property?
Investing in property can help alleviate your financial dependence on work and the pressures that come with it. Sound investments allow you to pursue other goals and passions by offering financial stability, enabling personal opportunities and the realising your dreams. This might involve travel, nurturing a passion project or having the ability to ‘give back’ and take part in charity work. “A number of customers over the last 12 years have reduced demands on their time, as property and income and investment has allowed them greater autonomy, earlier retirement and the opportunity to focus on enjoying your life. It’s fair to say that with these customers Liquid Expat Mortgages has accompanied them as they have built decent sized property portfolios and as such they have been able to free up their time, energy and money to channel into other, more rewarding ventures. By choosing to adopt this approach of building up a property portfolio through well-informed investments, good finance and mortgage access you’re able to nurture other aspects of your life that may have been neglected because you are financially dependent on work. In essence these customers have achieved financial independence through investment in property”
Liquid Expat Mortgages is the No.1 Expat Mortgage broker. We have a team of experienced and regulated mortgage consultants, dedicated to helping Expats find the very best mortgage deal. We work with over 50 lenders to deliver the best product for your needs. For complete Expat Mortgage Support, contact Liquid Expat Mortgages and see how Liquid Expat Mortgages can help you. Just call us 24/7 on +44 (0)161 871 1216 or visit www.liquidexpatmortgages.com.
Source: EIN Presswire