Buying a property is lengthy and quite complicated sometimes. Local and independent expertise will help you finding the right solution for your investiment or lifestyle need in UK.
The real estate market in the United Kingdom is one the largest in Europe. Foreign investments plays a substantial role in this market, particularly in London, and foreign companies and individuals invested around £20 billion in 2012.
Properties in the UK are seen globally as a safe haven from the effects of a financial turbulence or from national governments’ interference in the assets of private individuals. Apart from the relative stability the UK real estate market is one of the world’s most liquid. It should be also said that the country itself is regarded by foreign investors as a safe place to live and conduct business.
The housing market in the UK gradually recovered after the global financial crises of 2008. It has experienced a surge in transactions and prices in the last year and the upward trend is predicted to continue.
In London the prime central market has delivered strong returns regardless an increase in stamp duty on high-value properties enforced in April 2013. However in the coming years the elite outer London is likely to outperform the platinum areas of Kensington & Chelsea, Knightsbridge, Belgravia, and Mayfair.
The demand for new built properties means that many of those are even bought before they are completed and often are not widely advertised. This is true also for the majority of London luxuries residences and and exclusive apartments that rarely appear in the public domain.
Increasingly the transactions are happening with the so called off-market deals where all the parties have more control over the privacy of the transaction and the property remains in the estate agent book with only limited and selected people knowing it of.
The clients who are interested to buy property in the capital should be aware that London is famous for the diversity of architectural styles. The contemporary and trendy structures friendly co-exist with gothic churches, Georgian and Victorian buildings, and Regency residences. The districts of central London therefore vary in appearance, period of construction, property’s values, mix of residents, rhythm of life, and availability of services. A knowledge of the local area is vital in searching properties!
Recent major infrastructural projects and redevelopments have transformed less desirable parts of London and provided stable capital appreciation on property investments. Further infrastructural and transport link improvements are planned making London an attractive propositions to those considering properties to live or diversify their investment portfolios.
Buying a property is lengthy and quite complicated business. While exciting it is often time-consuming and associated with some uncertainties especially in a country with a different legal system and business culture. The local presence of someone acting on your behalf will help you not only finding the right property at the right time but also making property-buying experience as smooth as possible.
Vestigio Services is an independent company that provides a premium service in the area of properties, investments, visas, education, and travel to customers in the United Kingdom with a particular focus on Russian speakers.
Vestigio for you
If you are considering a property for investment or residency in UK please contact Vestigio.
Vestigio Services will be happy to offer our clients the following services:
selecting a property meeting your requirements, dealing with different estate agents on your behalf, arranging for you viewing of property or doing this with your consent, recommendations on buying property in the UK
full support throughout acquisition process from acceptance of your offer to completion of transaction. Negotiation of conditions, making an offer, advice on taxation and payments, hiring solicitor for legal work involved (conveyance, Land Registry, exchange of contracts, finalisation), arranging practical matters to occupy new property
Please note that Vestigio Services is acting in the interests of our clients. We are not biased to any estate agents who are dealing solely in the vender’s’ interest.
House Price Index, March 2014
The Office for National Statistics declared that United Kingdom house prices increased by 8.0% in the year to March 2014. Annual increase in England (8.5%) was driven in large part by highest growth in London (17.0%).
In March 2014 the UK mix-adjusted House Price Index reached 191.4 (the pre-financial crises peak of 185.5 was in January 2008).
Average mix-adjusted house prices in March 2014 stood at £263,000 in England, £181,000 in Scotland and £164,000 in Wales.
The South East and East of England had prices higher than UK average price of £252,000.
London continuous to be the region with highest average price reached £459,000.
During the year to March 2014 prices paid for new dwellings increased by 2.1% on average and reached £236,000.
Key Forecasts by leading experts
The Royal Institution of Charted Surveyors and Halifax, the UK’s largest lender, expect UK house prices to rise up to 8% in 2014.
The Office of Budget Responsibility (OBR), an independent watchdog, predicts a growth in average UK house prices by 5.2% in 2014 and 7.2% in 2015.
The asset management CBRE forecasts London house prices will soar by 35% over the next five years outstripping a UK average increase of 17%.
The prices in prime central London properties will climb by 4% in 2014 compared to a 7% upsurge in prime outer London arrears according to Knight Frank. By the end of 2018, the prices will soar by 20% and 23% accordingly.
Prime central London rents will go up by 2% in 2014.
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