Despite the uncertainty surrounding Brexit negotiations the “dire shortage” of homes is still pushing prices upwards, according to a recent surveyors report. Brexit negotiations continue and all the news coming out at present is hardly of a positive nature, but still, throughout all this, the UK property market is holding firm.
Recent reports show expats are returning to the UK residential market in large numbers, but the lack of supply means there are not enough quality properties available.
Property values continue to rise albeit at a slower rate than years gone by, with 29% more surveyors seeing growth in July compared to 18% the previous month.
Interest from prospective expat homebuyers increased for the sixth consecutive month.
The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.
Surveyors are predicting a rise in prices over the next 12 months, with price expectations now positive in the majority of areas in the UK. These results show that confidence within the housing market continued to sustain momentum in the last few months.
With interest rates still very low, many expat buyers are realising that now is an affordable time to borrow. As a result, the market remains resilient and we are seeing a growing number of mortgage approvals for first-time expat buyers in particular.
If you are an expat and currently own a property in the UK with a mortgage now would be a very good time to review your current deal. Interest rates are currently low, but it has been muted this could change in the near future.
If you are looking for a new or re-mortgage please do make contact and one of our advisers will be pleased to assist.