Last year kept buyers guessing, as ongoing Brexit negotiations continued their ripple effect into the wider economy and real estate market. This year, we are set to see an overall positive trend in the buy-to-let market, especially in the larger cities outside London, where dynamic, youthful populations are driving local economies and creating a healthy rental market.
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All eyes are on the UK’s property market. Brexit negotiations and economic uncertainty have taken their toll, and prices, especially for prime London property, have either stabilised or fallen. But what’s in store for 2018? We’ve rounded up the property expert predictions to help you prepare for the future.
First-time buyers spending less than £300,000 won't be charged stamp duty under new measures passed by the government. As part of Philip Hammond's budget, a number of new homes have been mooted for construction, and higher council taxes levied on empty homes. New infrastructure and development is also being planned around the United Kingdom.
International buyers seem undeterred by Brexit, buying up huge amounts of property this year to push the city’s real estate sector to new heights. This year is on track for a new record, with experts predicting this year’s investments could top £20 billion. Driven by London City, the sales show London is still a great bet for property investment.
While tenants once favoured Zone one and two property for its proximity to central business districts, they’re now looking outwards, choosing high quality homes with great facilities and improved travel links. Luxury property is no longer as coveted, and this sector has experienced a dramatic drop.
The northern maritime city of Liverpool has undergone a vast amount of regeneration over recent years, as part of plans to improve the economy of this once neglected city. In the past 13 years, new city leaders have managed to change the scope of the city’s future, along with the help of an ambitious developer.
London property values have fallen - it's the largest drop in seven years. You can blame Brexit negotiations and higher taxes for that. While many consider London property a law unto itself, others are worried about a possible effect on property values outside the capital. What's the real story?
London's most luxurious homes are set to fall by 4 percent this year, before stagnating for another two years while Brexit uncertainty continues. This means a two-year opportunity for investors wishing to get a foothold in London's most prestigious property market. Prices will start to move upwards again by the end of 2019.
UK property prices have grown by 5.1 percent over the past year, and Manchester property is driving the growth. Manchester area Bury saw growth of more than 13 percent over the last year, while nearby Salford property reached a new high, with growth over 8 percent. Driven by a boom in infrastructure and development, Manchester is attracting buyers wanting an alternative to expensive London property.
Although London house prices will rise by just 1.5 percent this year, by 2019 they will have risen above 2017 figures, a report from Countrywide shows. The lack of supply coupled with recovered UK and global growth will prompt a housing recovery. Meanwhile, prices in the rest of the UK continue to grow.
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The UK economy is starting to pick up the pace and return to growth, new figures show. We can expect 1.7 percent growth this year, followed by 2 percent by 2019, analysts say. This is due to increased global demand for exports as the world’s fortunes improve. Despite dire predictions, property investors are also buying up large in London and elsewhere around the UK.