Interest from overseas investors looking at UK property is surging as buyers are hoping to take advantage of the stamp holiday duty before it ends in March 2021.
In addition to this, overseas investors also want to purchase before the additional 2% stamp duty surcharge kicks in next April for non-UK buyers.
Data from Legal & General’s Mortgage Club showed that ‘visas’ was the highest searched term by mortgage advisers at the end of July, up three places since the start of June. The data also revealed that throughout July, mortgage searches for ‘expats not residing in the UK’ was in the top ten too. In addition to this, every one in 22 searches related to a mortgage applicant currently on a visa or an expat not living in the UK.
According to the data, searches made in relation to overseas buyers were most frequently made for buy to let investments.
Kevin Roberts, director of Legal & General Mortgage Club, said: “Britain’s housing market is bucking the trend and has faced unprecedented levels of demand since reopening in May, and new figures show that a growing number of overseas buyers are also taking interest in UK property.”
“Lending criteria is changing every day in the mortgage market at the moment, and advisers will be key in helping these borrowers and others to cut through the noise and find the best product for their particular circumstances,” says Roberts.
The interest in the UK’s buy to let market is further encouraged by the UK’s rental market recovery, showing that demand is still high for rental properties, which will be welcome news for buy to let investors. Last week we reported that the North West was leading the way in rental market recovery. With high rental demand and the current stamp duty holiday, now is the perfect time for buy to let investors to get the most for their money and invest in buy to let property in the North West.
Luckily for those looking at the North West for high yield buy to let investments, Beech Holdings’ portfolio has a number of current opportunities. One of these developments available for buy to let investment is Beech Holdings’ flagship development, Ancoats Gardens. Located in the thriving neighbourhood of Ancoats, Ancoats Gardens is home to one, two and three-bedroomed luxury apartments, a roof garden, coffee lounge, co-working space, and a private gym. Due to its prime location and top of the range facilities, Ancoats Gardens will be in high demand from Manchester’s current and future residents.
If you’d like to hear more about Ancoats Gardens or our other investment opportunities, get in touch to find out more.