For years, the United Kingdom has enjoyed incredible power and status as one of the largest economies on the planet. As the world’s first industrialised country, the UK’s economic, cultural, political, military and scientific influence has been far reaching.
The UK population consists of more than 65 million people who are spread over England, Scotland, Wales and Northern Ireland. The UK’s cultural heritage and make up is varied and diverse, making it an attractive location to live and work from people from all over the planet.
The United Kingdom’s economy is the fifth largest on the planet, making up four percent of the world’s gross domestic product (GDP). It’s one of the most globalised economies, and in addition to being the ninth largest importer in the world and the sixth largest exporter, it has the second-largest stock of foreign direct investment.
In the last few decades, the UK has gained a reputation as a financial centre, and the European leader for foreign investment. The UK offers a wealth of business opportunities for investors, with low labour costs and high returns making it an attractive investment destination.
The service sector dominates the UK economy, making up almost 80 percent of the country’s GDP. The financial services industry is particularly strong, and the capital is the world’s largest financial centre.
Other strong sectors include the aerospace industry and the pharmaceutical industry.
Prosperity throughout the UK varies widely, with the South East of England and the North East of Scotland being the wealthiest places per capita. London’s economy makes it the largest city by GDP in Europe.
Last year’s Brexit result sent shockwaves through the country’s economy, but as the dust settles and the UK gears up to exit the European Union investors are realising the investment opportunities are still legion:
Weaker pound: a weak currency is offering discounts in dollar terms.
Slowing market: house prices could fall by as much as 1% this year - a significant reversal in a market that’s pushed prices up by 40% since 2009. This is allowing investors valuable opportunity to enter the market.
Commercial real estate dropping: commercial real estate prices are also dropping significantly, with discounts of up to 19% available.
Rental rates growing: unaffordable housing and property shortages mean it’s a great time to become a landlord in the UK.
As an overseas buyer, you’ll benefit from a flexible market with a competitive tax environment. And despite the lingering uncertainty over Brexit, a politically stable country with a bright economic outlook.
The United Kingdom is made up of the whole island of Great Britain (England, Wales and Scotland) and the northern portion of the island of Ireland. It’s capital is London, and other major cities include Birmingham, Liverpool, Manchester, Belfast, Edinburgh, Glasgow and Cardiff.