Expats UK property search increases month on month

Searches for UK property by overseas buyers have grown steadily over the last 12 months.

They now account for 11% of all activity in the first six months of this year, compared to just -6.8% three years ago.

It said most expat investors are keen to capitalise on softening prices and a weaker pound.

Who is looking?

US house hunters are watching the UK market most closely, accounting for nearly 70,000 searches in the first quarter of this year, as shown by the list below of the top 3 countries where buyers are searching from:

USA, Hong Kong & Ireland.

Owning property in the UK is a goal of many overseas property investors including expats.

The preferred areas in the UK

London is in strong demand as the third most sought-after location, but the UK’s regional cities could benefit the most from interest from overseas buyers, with Glasgow and Birmingham the most popular search locations, followed by Manchester and Leicester.

More expats choosing independent broker assistance for mortgages advice.

The number of expat mortgages coming through independent brokers has risen steeply over the last 2 years, this figure now stands at 80% from 62% last year.

There has been a steady increase in mortgages sold by intermediaries to expat buyers and re-mortgagers as the market remains very buoyant indeed in 2024.

Assistance required?

If you would like help with your new or re-mortgage, please make contact and one of our independent advisers will be happy to help.

Expat Mortgage Approvals Increasing Monthly. Expats living abroad are seeing their applications for an Expat mortgage complete faster and far more regularly than 2023.

Approvals for house purchases in the UK by expats increased towards the end of 2023 and 2024 has followed the same pattern according to the latest figures from the Bank of England.

The number of expat loan approvals for purchasing so far this year is up a massive 26.4% on the same period last year. Re-mortgaging saw an astonishing increase of 35% over the same period.

 Expat mortgages completing faster.

 The time it’s taking this year to complete an expat mortgage has reduced significantly in the last 12 months.

The industry is seeing a new application in a straightforward case complete in a matter of weeks rather than months. A straightforward re-mortgage is now on average completing in less the 7 weeks which is significantly quicker than 12 months ago.

Use an independent broker for speed and efficiency of expat mortgage approvals.

The independent broker will take control of the mortgage process, therefore relieving you of the stress and paperwork. They will be able to deal with the mortgage company supplying the loan and answer any queries they may have, saving you time and money.

Help required?

If you are an expat looking for a new or re-mortgage, please do get in touch and one of our fully qualified independent advisers will be happy to assist.

Do I Qualify for an Expat mortgage ?

Britons living abroad, either temporarily or permanently, will need to obtain a mortgage from a lender that has chosen to lend to expats.

Typically, expats are looking to invest in buy-to-let property whilst living overseas. Perhaps to provide an income in retirement or even to live in upon their return. 

Whilst fluctuating exchange rates can, at times, provide a good opportunity for investors, it is also true to say that many expats earn better salaries abroad than they would do here in the UK. A lower cost of living means they have more disposable income and want to invest in UK property.

Selecting a mortgage to suit your needs.

Securing an expat mortgage doesn’t have to be difficult, but do I qualify? It is always recommended to get expert independent professional help. Using a specialist expat broker will without doubt give you the edge as they will be experienced in this type of mortgage process.

Many expats try to go it alone and secure their own mortgage. This of course can be done but living abroad whilst applying does present quiet a few challenges. Time difference and communication problems to mention a few!!

Real value for money and long-term security.

The UK property market offers really good value for money. This assumes you own a property or can afford to buy one.

Anybody who has owned a property in a good area of the UK over the last 15 years would have seen their investment grow substantially.

Traditionally the UK property market has always offered good value long term investment potential. There is no reason to believe this will not continue long into the future.

Can we help?

If you are looking for an expat new or re-mortgage, please do make contact . One of our fully qualified independent advisers will be happy to assist.

 

Lower Rates For Expat Mortgages.

Fixing the rate cheaper than betting against rate rises?

Fixed rate expat mortgages are now proving to be better value than the tracker type plans. Particularly for lower loan-to-value borrowers are lower rates for expat mortgages. Low loan-to-value mortgages are now proving better value than their tracker equivalents at 2-, 3- and 5-year periods.

Even for fixed rate higher loan-to-value mortgages, the current cost of borrowing is only marginally higher than tracker products. Fixed rate plans are without doubt becoming more popular especially with the investor with multiple properties.

The lowest interest rate mortgages and lowest fees have been reserved for low loan to value ratios.

Note, usually the larger the deposit you have the better the deal, but there are still some very good deals available for expats with smaller deposits.

Due to the range of products available and your current/future plans it is important to get professional independent advice.

Buy-to-let as an investment rising rapidly in 2024

Lenders are expecting more activity in the expat buy-to-let market in 2024.  And beyond as expats want security in UK property.

A recent survey stated 80% of expat lenders expected demand to grow over the coming months. All the early signs this year show they are correct as demand is up 27% on the same period last year.

Expat mortgage providers are keen to point out that there are good deals in the marketplace both fixed and variable rates.

Need assistance with your expat mortgages?

Our professional independent expat advisers are very experienced in dealing with all types of expat buy-to-let mortgages both single and multiple. We have access to a good range of plans and would be happy to discuss your requirements. Contact Us at Expat Mortgages to find out more.

UK Property For Expats. As an Expat Investing in UK property, it remains one of the safest options you can make in this day and age. So, it comes as little surprise that the majority of expat landlords remain confident. As such with their investment in property they have no plans to exit the buy-to-let sector.

UK Property Interesting buy-to-let market for 2025 and beyond.

This current year has not been the most dynamic year for the housing market – on the face of it, anyway. Movement has been slow, with things only just starting to pick up now.

House prices have fared better in some regions than in others. With reasonable growth in Wales and East Anglia, for example, and a small reduction in other areas such as the Southeast.

The good news, if respected agents are to be believed, is that we will see a small increase across the board in 2024. With an overall rise of 15-25% expected over the next five years this is a great time for UK Property For Expats.

Meanwhile, average rents are up across all regions, with experts expecting 5-7% annual growth over the next five years.

Demand is still growing for quality rental properties up and down the Country.

Demand for quality rental property continues to grow. As such this year alone it’s grown by 7% against figures issued for last year.

The problem is now that supply of properties has fallen by 13.8% in the same period. On average for every quality property available to rent in a Town/City location 3 people are in competition for the occupancy.

As you can see this is causing great concern for prospective tenants. Also this is across the whole of the UK. Especially in the major Town and City areas.

On top of all these disturbing figures it is expected that the demand for rental properties is likely to increase well into 2025.

Need assistance with your mortgage?

Our professional independent EXPAT advisers are very experienced in dealing with all types of buy-to-let mortgages. For expat landlords with both single and multiple mortgages. Therefore Contact Us as we have access to a range of plans and would be happy to discuss your requirements.