Expats who own or contemplating owning a property in the UK will be pleased to know the average home now costs nearly a quarter of a million pounds with mortgage approvals hitting their highest level since the financial crisis erupted.
Rising activity in the housing market pushed the price of the average home up 7.3% in the last 12 months to £249,870, according to the Halifax index for September.
Further evidence of the lockdown mini boom came as expat lenders recorded the highest level of approvals since October 2008, adding that they had also received more expat mortgage applications from both first-time buyers and re-mortgagers than any time since 2008.
Experts predict the uptick to be short lived however, claiming demand is being driven by a combination of pent-up demand released after the lockdown market freeze, the stamp duty cut.
According to this official data, average house prices stood at £255,000 in England, £170,000 in Wales, £155,000 in Scotland and £141,000 in Norther Ireland.
Most forecast the market to cool off in coming months as demand wanes and the economic realities of the pandemic start to become more apparent.
With the final stages of Brexit looming and the uncertainties ahead wise expats are buying now rather than the wait and see approach.
Is it a good time to buy in the UK?
The very quick and simple answer is yes.
The affordable properties that are available to purchase seem to be diminishing on an daily basis, which without doubt will mean higher prices to pay in the future. The good thing is there are still some particularly good mortgage deals around for expats so it could be the right time to start your search.
If you require help with your current or new mortgage please call one of our experienced advisers who will be happy to assist.