Against expectations, house price growth picked up last month the latest house price index has revealed. Specifically, annual growth increased from 2.6% in December to 3.2% in January this year.
Expat UK property owners will be pleased to see these figures, confirming their investment is holding firm and growing through these challenging times.
The figures further revealed that there was no change in monthly growth, with a month-on-month increase of 0.6% recorded in both January and December. As a result, the average house price stood at £211,756 in January, up only slightly from £211,156 in December, but surpassing the previous high of £211,671 recorded in July 2017.
Given that house prices are still increasing, expat UK homeowners might find this a great time to consider re-mortgaging, taking advantage of both high house prices and decently low mortgage rates. It is predicted mortgage interest rates will rise by the end of the year so consideration towards a fixed deal may be a shrewd move.
UK property is still without doubt a very good long-term investment as is has been over the last 50 years or so. There is no reason to suggest this will change in the next 50 years although growth may not be as rapid.
If you compare the performance of UK property over a general bank savings account there is just no comparison, property wins by a very long way.
With the continual shortage of quality property in the UK this situation alone should give expats confidence for what is to come.
If you are looking for a new or re-mortgage, please do make contact and one of our qualified advisers will be happy to assist.