Interested in Buying a property in the UK. Here are the steps you need to follow:

Budget: Find out how much you can afford. If you want to get a mortgage, contact a mortgage broker to find out how much you can borrow based on your financial circumstances. Please contact us and we can put you in touch with the right mortgage broker.

Research the area: The old adage holds true. Location, location, location. There are various factors to consider such as safety, education, transport links, upside potential, etc. We are here to help make this process easier for you.

Arrange for a viewing: Whether it’s an off plan or ready property, we advise that you take the time to view the property or site if possible. Many developers that we work with have a marketing suite with a model showroom that shows what the finished property will be like.

Make an offer: Once you have decided that the property is right for your needs (investment property or family home) the next step is to make an offer. It is advisable to do this with the help of your preferred agent as they would have many years of experience in dealing with sellers and developers.

Hire a solicitor: It is imperative that you hire a good and reliable solicitor to take care of searches, check the contracts and deal with the appropriate government agencies such as the land registry. They can also advise on how to structure your purchase if you are the sole purchaser, a partner or through your company. We have very long-standing relationships with many prominent and international solicitors who can assist you.

Exchange contracts: This happens when you instruct your solicitor to hand over signed contracts to the seller and receive the same back. There are a few things that need to be prepared prior to this which your solicitor will advise you on.

The above is just a brief summary of the process of purchasing a home in the UK. In actuality, it is more complicated. At Downtown International, we can walk you through the process, assist in your property search and advise you on the best locations based on your budget and other criteria. We can also introduce you to the best solicitors and mortgage brokers to help you take the next steps once you have identified the right property.

Please contact us today for a consultation: +44 7495 071113

Posted by: Behrang Jalali, Sun, Aug 6th 2023

Positive signs for UK housing market

Britain’s housing market is expected to avoid a decline as many have predicted.

UK inflation has dropped more than expected which means that the financial markets are no longer expecting the Bank of England to raise the rates as sharply as they have been. Barret Kupelian, the chief economist at PwC UK, said a fall in the consumer prices index (CPI) in June was likely to persuade the Bank of England to moderate further increases in the cost of borrowing.

He added “This effect, coupled with possible real wage growth, could mean the housing market could be in a considerably different place in six months’ time, with a bounce back possibly in sight.”

Posted by: Behrang Jalali, Tue, Aug 1st 2023

Q2 Property Sales Rise in the UK

According to a recent report by UK property specialist TwentyCi house sales increased 14.5% in Q2 in what it describes as a remarkably resilient market. The report also notes that new listings, which were up 10.6% in the quarter under review, are reflective of a ‘normal’ pre-pandemic market. However, availability at the lower end was still constrained with new builds unable to keep up with demand across the country. Another positive sign is that asking prices are up 6% from Q1 with the highest in Inner and Outer London, areas which suffered during the pandemic race for space, reflecting 6.4% and 2.4% Q2 asking price gains respectively.

Posted by: Kelvin Tayfield, Mon, Jul 24th 2023

Average UK House Prices Mask New Build Homes Performance

Whilst mortgage lender Halifax recently reported a 2.6% annual house price drop, the largest since 2011, new builds over this period showed a 1.9% increase aided by the ongoing undersupply as well as the demand for energy efficient homes. This solid performance is masked by a 3.5% decline in existing properties which were instrumental in driving average prices up during the pandemic as buyers moved out of city centres. That race for space is now a thing of the past with prices in the Southeast for example which benefited during Covid, showing the largest decline as general demand falls and some second homeowners feel the pressure of higher mortgage rates.

Posted by: Kelvin Tayfield, Sun, Jul 16th 2023

Debt Free UK Landlords Cashing In

UK tenants are set to face further increases in rentals which have already risen rapidly over the past 12 months with rents outside of London in the year to April rising the fastest since 2006. As it grapples with a stubborn inflation rate the Bank of England increased the bank rate by 50bps to 5% this week, piling pressure on leveraged landlords who are forced to pass these increased costs onto tenants who have limited alternatives given the worsening housing shortage in the country. Debt free landlords are consequently benefiting on two fronts – rising rentals and the opportunity to snap up distressed sales by landlords who are unable to cope with the increased mortgage costs.

Posted by: Kelvin Tayfield, Sun, Jun 25th 2023