Expat first-time buyer activity reached a 2 year high at the end of November last year after soaring more than 40% on the same period in 2018. In October last year alone the expat mortgage industry saw an increase in applications for new mortgages rise by 38%. These figures go to prove that expat’s still see property in the UK as their number one investment, and it is little wonder when you see the growth the market has shown over the last 10 years.
The UK housing market keeps going from strength to strength even with the Brexit setbacks which now seem to be coming to a head. This growth is likely to continue due to the chronic shortage of quality homes for sale. If this continues to be the case in the future property prices will remain high and increase accordingly.
Estate agents around the country are reporting a high demand for low end quality properties with first-time expat buyers being very active. One agent in Sussex said, “We are getting a lot of enquiries from people living abroad (Expats) and they want a property at the low end of the market in good condition”.
The UK property market continues on an upward spiral and offers longer term growth and security. Mortgage lenders are still reducing interest rates to attract new business, so if you are contemplating investing now would seem a good time to buy in the UK.
There is little doubt the attractive mortgage interest rates currently on offer have played a key role in driving these figures. Expat borrowers have taken advantage of the current low rates and used a re-mortgage in particular to their benefit.
Can we assist you?
If you are looking for help with your new or re-mortgage please contact one of our fully qualified independent advisers and they will be happy to guide you.