If you want to buy a property in the UK, it can be a daunting prospect, but it’s an enjoyable experience if you understand what to expect. There are many different types of properties available for purchase, and there are also different options related to how they can be bought and sold. However, this depends on where you choose to invest.
The local area
UK property prices have been steadily rising since 2007 when they hit their lowest point of 2009 – following the global financial crisis of 2008-09. Following on from this period has created a great time to buy property as prices have recovered but are still fairly affordable. However, sellers are demanding more money than ever before, so buyers will need deep pockets.
Location is key with any real estate purchase – especially property. Buying property in big metropolitan cities such as London, Manchester, or Birmingham may come at a higher price, but this is still a popular option for those looking to invest.
London
One of the most desirable places to buy property in the UK is London – with high-rise luxury flats and prime properties abounding. Prices can vary depending on what part of London you choose to buy within, so it’s important that you consider both location and type of property carefully before handing over any money.
Manchester
Manchester offers more affordable real estate prices than those in some other English cities such as Liverpool or Birmingham. However, there are also fewer employment opportunities. It’s a major financial centre which means many people work here from around the world, meaning some consider buying property here an excellent investment opportunity, often alongside a second holiday or student home.
Birmingham
Birmingham is an extremely popular city in the UK, and although it doesn’t have the same reputation as some of its northern counterparts, property here can be great value for money, especially when you consider how close to London it actually is. Many people purchase homes in Birmingham with the intention of commuting rather than settling here permanently. This means there is plenty of demand for rental properties and lots on offer – including shared accommodation and student housing; for the best advice on how to structure a property for rent, make sure you reach out to an experienced tenant lawyer for help on drafting a contract and knowing your rental rights.
If you’re new to buying property in the UK, we recommend finding a local lawyer who will help you throughout the process and prepare all necessary paperwork. This may save you some money, but more importantly, it ensures that your interests are protected at every stage – something which is particularly important when you consider the laws surrounding property acquisition can be complex.
The UK market is very much built on customer service, so it’s important you get in contact with a good real estate agent with whom you feel comfortable. Having access to one will help guide you through the process of buying property in the UK. Moreover, there are several factors to consider, such as where you’d like to live, such as how many bedrooms and bathrooms your want and whether or not there are any amenities nearby that might make a difference to your day-to-day life, including restaurants, local shops etc.
It’s also important to choose an agent who offers a range of different properties for sale rather than just one type – expertise is key here, so dealing with an agency that knows what they’re talking about will help avoid any nasty surprises and ensure that your purchase is the right one.
The most important thing to remember when buying property in the UK is that you should do your research. It goes without saying that when you are buying a new house, there are many different factors and plenty of things to keep track of, which can be confusing if you’re new to investing.
When the time comes, and you are thinking seriously about buying a property in the UK, it is really important to understand all of the options available to you. The style and type of property you choose will depend on where you want to invest and what factors matter most to you. For instance, if location matters more than anything else, then an investment outside London may be worth looking into for greater value returns or if affordability is key, then look at properties that have been built since 2010 as they tend to offer better deals on price per square foot. We hope this guide has been helpful in helping you make a decision.
