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What the new non-dom rules mean for foreign property buyers

This week’s spring budget revealed that the current non-dom rules would be changed, so how could this affect people investing in UK property?

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In Chancellor Jeremy Hunt’s spring budget, announced on Wednesday this week, one of the big changes he revealed was in the way those living in the UK but with permanent homes elsewhere – also known as non-doms – would be treated for tax purposes.

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Under existing non-dom rules, an individual with non-dom status does not have to pay UK tax on overseas income or gains, unless the income or gains are brought to the UK. They were also not liable for inheritance tax on the value of their foreign assets, unless they became “domiciled” in the UK.

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Source: Buy Association

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UK house prices rise at fastest rate since January 2023

UK house prices rose 2.5% in the year to January, recording the biggest increase since January last year, as lower mortgage rates and fading inflationary pressures led to increased buyer and seller confidence, Halifax has said.

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January marked the fourth consecutive monthly rise, with a 1.3% uplift on December, the UK’s biggest mortgage lender said, with the average home costing £291,000, £3,900 more than in December.

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Kim Kinnaird, the director at Halifax Mortgages, said: “The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market has contributed to increased confidence among buyers and sellers.

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Source: The Guardian

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Exploring the UK Property Market and Recent Mortgage Rate Cuts

The UK property market has long been a hub for both domestic and international investors, characterized by its resilience and dynamic nature. Recently, a significant development has emerged in the form of mortgage rate cuts, particularly notable with HSBC’s decision to offer rates partly under 4% for the first time since the TRUSS mini budget.

This move reflects a broader trend in the UK’s financial landscape and opens new avenues for potential buyers, including foreigners, to consider property acquisition in the UK. The following sections will guide you through the intricacies of buying a house in the UK as a foreigner, considering current market conditions and regulatory frameworks.

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Who Can Buy Property in the UK?
In the UK, there are no legal restrictions on who can buy property, regardless of nationality or residency status. This openness makes the UK a particularly attractive market for international investors and homebuyers. Whether you are a resident or non-resident, foreigner or citizen, you have the equal right to purchase property. However, foreign buyers should be aware of certain financial and legal considerations, including potential additional taxes and the need for thorough legal advice to navigate the UK’s property laws.

Can Foreigners Buy Property in the UK?
Yes, foreigners can buy property in the UK. The process for foreign buyers is straightforward, though it involves specific steps, such as obtaining a National Insurance number and opening a UK bank account.

Foreign buyers must also comply with certain financial requirements and may face additional scrutiny, especially in terms of funding sources.

It’s advisable for non-residents to seek advice from property experts and legal advisors familiar with the UK market.

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Impact of Brexit on Foreign Property Buyers
Brexit has introduced changes that affect foreign property buyers, especially those from the European Union (EU). While the fundamental right to buy property in the UK remains unaffected, EU citizens no longer enjoy the same ease of movement and residence rights.

This change means that EU citizens might need to comply with immigration controls and visa requirements. However, Brexit hasn’t dampened the appeal of the UK property market to foreign investors, and the market continues to see robust interest from overseas buyers.

Source: Talk Business

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Huge Surge in Chinese Interest in UK Property Investment

UK Housing Market Ripe for Overseas Buy-to-Let Investment

With good-value property prices and rental growth exceeding wage growth, UK houses are attracting huge interest from overseas investors.

Read on for more information on how this affects buy-to-let property markets in the UK.

How Many Chinese Investors Want to Buy UK Property?

Chinese investors are getting into overseas property investment in a big way, according to Juwai IQI.

The property portal states that the top four destinations for overseas investment are English-speaking countries: the United Kingdom, the United States, Canada and Australia.

Juwai IQI indicates a massive increase in overseas property investment enquiries among Chinese investors. In Q3 2023, Juwai IQI saw a 76% increase in interest in buying UK property as a non-resident to Q2. In addition, those figures were 35% higher than Q1.

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How Are Chinese Investors Spending Their Money in the UK?

According to Juwai IQI’s email newsletter, these Chinese investors are from an upper-middle-class background and are interested in buying townhouses and apartments.

It’s easy to see why.

Some of the UK’s major cities are seeing huge rises in rental prices for city centre apartments.

City Residential Estate Agents state that the average rental price for apartments for sale in Liverpool City Centre has increased by 12%. Meanwhile, property price growth has slowed due to low activity in the market, making UK property investment both attainable and lucrative for overseas investors.

Why Do Foreign Investors Want to Invest in the UK Property Market?

So, why would a Chinese investor want to purchase property in the UK?

According to a report by Irwin Mitchell, the country has an international reputation as a ‘favourable and open global destination for investment, offering a robust legal framework and business-friendly environment, despite recent economic and political changes’.

As such, foreign investment is rising throughout the UK. Activity in 2022 was substantially higher than in previous years. An influx of Chinese property investors is highly likely in 2023 and beyond.

Interestingly, overseas investment in the North West property market is up by 20% over pre-pandemic levels, with investors looking to cities like Manchester and Liverpool thanks to their local infrastructure, local skills and regeneration plans.

The North West currently leads the way for capital growth projections. Savills predicts an 11.70% capital growth in the region between now and 2027, meaning property investments stand to see substantial appreciation during that period.

According to the HM Land Registry UK House Price Index, the average property price in the UK costs £291,044. However, the average property price in Liverpool is £180,268. Liverpool – and the North West region – offers better value property investments than many other places in the UK.

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Huge Rise in Chinese Buyers Over the Last Year

Earlier this month, Juwai IQI saw a huge increase in Chinese spending on overseas property, reaching $3.4 billion – $1 billion more than in 2022.

Juwai IQI attributes this growth to “revenge buying” – when buying rates rise rapidly after a period where investors cannot purchase due to restrictions or difficulty.

According to an EY report, the number of households that can afford to invest in property in China is set to rise by 50% in 2025. In addition, Chinese consumers have typically high savings rates, while investors are also moving to diversify their investment portfolios.Why not read the Rwinvest Top UK Cities for Overseas property investment report for futher insights.

With UK property price growth down to 0.2%, gross rental yields continuing to rise, and property prices not expected to go up until 2025, we can expect to see more foreign investors purchasing property on UK shores in the near future.

By Dale Barham

Source: RWinvest

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UK Expat and Foreign National Investors Use Re-Mortgage Products to Improve the Energy Efficiency of Buy-to-Let Property

As we move into the colder months in the UK, energy efficiency starts to become a bigger consideration for tenants. This is not an insignificant consideration, with many tenants still concerned about the rising cost of energy, in addition to high inflation and the rising cost of living more generally.

‘A low energy efficiency rating is enough to dissuade many desirable tenants from renting a property’ says Stuart Marshall of Liquid Expat Mortgages. ‘This means that owning a property with a bad EPC rating can be very costly for UK expat and foreign national investors because of a loss of rental income. Further, the need for good energy efficiency is likely to be reflected in legislation too. While the government recently announced that it was scrapping its requirement for rental properties to have an EPC rating of a C or above by 2025, it’s likely that this plan will be replaced by other, similar legislation if the UK is to reach its target of net zero by 2050.’

Because of the increasing focus on energy efficiency in rental properties, it’s important for UK expat and foreign national investors to make their property as energy efficient as possible. This will make sure that their investment property remains attractive to desirable tenants, while also making sure that the property is compliant with any potential environmental legislation.

5 Ways UK Expat and Foreign National Investors Can Make Their Investment Property More Energy Efficient.

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  1. Switch Lightbulbs. Switching to LED lightbulbs is one of the simplest ways to increase the energy efficiency of a rental property. Not only do they last five times longer than traditional halogen lightbulbs, but they also use significantly less energy to produce the same light, while emitting lower carbon dioxide emissions.
  2. Draught Proof. Another very easy and affordable way to improve energy efficiency is to reduce heat waste through draught proofing in common problem areas like doors, chimneys and skirting boards.
  3. Energy Efficient Appliances. Replacing old appliances with more energy efficient ones is another very easy way for UK expat and foreign national investors to improve the energy efficiency of their rental property. Appliances with an A+++ rating are the best performing. Having higher rated appliances will improve the property’s EPC rating and will also improve the energy efficiency of the property.
  4. Insulation. Improving insulation is one of the most common ways for UK expat and foreign national investors to improve the energy efficiency of their property. There are many ways to do this, from improving insulation in roofs and cavity walls to installing double glazed windows and thermally efficient doors. An easier way to improve insulation is to install thick curtains or have existing curtains lined.
  5. Replace the Boiler. A more costly way to improve the energy efficiency of a property is to replace the boiler with a more efficient one. While this is more expensive than many of the other methods mentioned above, installing an efficient boiler can make a significant difference to the energy efficiency of the property and equate to massive savings for potential tenants.

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Utilise a Re-mortgage Product.
While improving the energy efficiency of an investment property is pretty much essential now, conducting a number of renovations can be costly for UK expat and foreign national investors. This is especially true for portfolio investors who have a number of properties that require green renovations.

‘One of the best ways to fund these renovations is through a re-mortgage’ says Stuart Marshall. ‘This is a course of action that we’ve discussed with many of our clients looking to conduct green renovations. This is because there are plenty of quality re-mortgage products available for UK expat and foreign national investors. These products allow UK expat and foreign national investors to utilise their existing equity in their property to raise capital for green renovations. But using a re-mortgage product can also pay dividends elsewhere as increased equity can make it easier to negotiate a better mortgage deal. So, UK expat and foreign national investors can often benefit from green renovations and also from reduced mortgage rates and lower monthly repayments.’

‘Utilising the services of an expert UK expat or foreign national mortgage broker is the best way to negotiate a better deal and gain access to exclusive broker-only deals. This can really make all the difference in maximising the quality of an investment venture. But we’ve seen re-mortgage products work time and time again in improving the terms of buy-to-let mortgages while also raising capital to conduct green renovations that will pay dividends long into the future.’

By Ulysses

Source: EIN News

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Foreign Property Investment in the North West Up 20%

According to law firm Irwin Mitchell’s latest FDI (Foreign Direct Investment) report, the North West property sector is primed to see significant investment from overseas buyers.

Irwin Mitchell has compiled the summer 2023 report in collaboration with leading economic consultancy Cebr. It offers foreign investment analysis and ‘on the ground’ commentary on the UK’s largest cities and key sectors.

The UK real estate section of the vital sector insights states that the property industry (grouped in with hospitality) had an investment position of £209 billion in 2021. However, this figure took a hit due to COVID-19, Brexit, and the war in Ukraine.

While not immune to these challenges, the appetite for investment in the UK from overseas has proved to be resilient.

According to the report, the property market in London remains desirable to foreign investors, especially when it comes to Grade A office space.

There has been an increase in taxes for property investors, and regulations have tightened, but this hasn’t put off international buyers, who continue to choose the UK over other countries.

In particular, strong growth has been observed in the North West and the West Midlands. There were 88 new investment projects in the North West last year, up 20% compared to before the pandemic, which suggests the region has quickly recovered from the lull in investment over the past few trying years.

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The Key to More Foreign Property Investment is ‘Levelling Up’

According to Adrian Barlow, the firm’s National Head of Real Estate, ‘continued levelling up is key to maintaining investor interest in areas outside the capital’.

With many exciting regeneration projects in the North West, the future of foreign property investment in the region seems promising.

This includes massive plans such as Liverpool Waters and the Atlantic Gateway scheme.

As part of Liverpool Waters, Canadian investor Starlight Investments is taking on a 31-story residential tower. This build-to-let scheme has a development value of £50m and will add to the company’s £20bn North American portfolio, showing that overseas companies are eager to be involved in the North West property market.

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Why Are Overseas Investors Interested in the North West?

There are plenty of attractive factors for overseas buyers regarding North West property. This includes the region’s much more affordable property prices than other areas, such as those in the South of England.

For example, the UK House Price Index shows that the North West region’s average house price is £215,648, while the average house in the South East goes for £394,096.

Another reason the North West appeals to foreign real estate investors today is the prediction for high capital growth in the area. According to property experts Savills, the region’s mainstream capital value is forecast to grow 11.7% over the next few years leading to 2027, while the South East is set to hit just 3% growth in the same timeframe.

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Less Affluent Areas Driving Rental Growth for UK Expat and Foreign National Investors

Huge Rise in the Number of Rental Households.
With fewer young people buying a home, the number of privately rented households has grown by 1.12 million or 29% in the last decade. This is compared to only a 6% increase in the number of households generally. Clearly then, there is a disproportionate rise in the number of people renting compared to the general growth of households. ‘This rise in rental demand and consequential growth in the rental sector has led to huge profits for UK expat and foreign national landlords over the years’ says Stuart Marshall of Liquid Expat Mortgages.

‘But recent data from real estate agent, Hamptons International, suggests that understanding the causes of this rise in the number of privately rented households might be key to making a profitable investment in 2023.’

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Less Affluent Areas Seeing Bigger Increases in Rental Households.
Much of the reason for the rise in the number of rental homes is to do with the tighter lending criteria introduced in the aftermath of the global financial crash. These tighter criteria put homeownership out of reach for many people with either low deposits or below average incomes. As a result, home ownership has become most difficult in less affluent areas.

This is supported by Hamptons’ data which shows that the growth in the number of privately rented households between 2011 and 2021 was highest in the most deprived 10% of areas in the country. Accordingly, 23% of households in this poorest 10% now rent their home privately – an increase of 5% from 10 years ago. Expanding the focus further shows that 60% of privately rented homes are in the bottom 50% of affluent areas.

Less Affluent Areas to Drive Rental Growth.
‘But why should this matter for UK expat and foreign national investors? Well, choosing the right area is one of the most important parts of an investment journey and will go a great way to determining the success or failure of the investment venture. With rents rising so much in recent years, choosing an area with high rental demand will be incredibly important and lead to big profits for UK expat and foreign national investors. If less affluent areas are performing better when it comes to rental demand, then UK expat and foreign national investors would be wise to look in these areas when buying a property as they are more likely to make a larger profit.

To put in perspective how profitable these less affluent areas are from an investment standpoint, rents paid in the 10% of most deprived areas have doubled between 2012 and 2022, to 5.4bn. Because of these factors, it’s likely that the less affluent areas of the UK will continue to drive rental growth throughout 2023 and become the ‘investment hotspots’ of the future.’

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Properties in Less Affluent Areas Accessible with UK Expat and Foreign National Mortgage Products.
‘Further, properties in these less affluent areas are far more affordable than in many other areas of the country and are more likely to turn a profit more quickly than properties in other areas’ adds Stuart Marshall. ‘This can prove to be incredibly fruitful for UK expat and foreign national investors and is especially true for UK expat and foreign national investors utilising UK expat and foreign national mortgage products. These products can help investors to spread the cost of their investment and with property prices skewing lower in the less affluent areas, UK expat and foreign national mortgage products can be incredibly powerful, even enabling discerning investors to buy a portfolio of properties.’

‘Less affluent areas are also becoming more popular for buyers as high mortgage rates push people to look to more affordable areas and towards smaller properties. This means that UK expat and foreign national investments made in these areas are also likely to see big capital gains alongside high rental profits. This comes at a great time for UK expat and foreign national investors as buy-to-let mortgage choice is at its highest since before former Chancellor Kwasi Kwarteng’s mini-budget. The market is also commonly seeing improved choice for buyers while sellers are accepting average discounts of 4.5% or £14,100 off their asking prices.’

Source: EIN News

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The Perfect Rental Storm Continues for UK Expat and Foreign National Investors

A shortage of rental homes and huge numbers of renters in the market are combining to create the perfect rental storm for UK Expat Investors.

The ‘Perfect Rental Storm’ continues for UK expat and foreign national investors in 2023 as a shortage of rental homes combine with huge numbers in the rental market to make for a very profitable rental landscape.

Shortage of Rental Homes

There are currently less than half the normal number of homes available to rent at the moment and this is contributing to fast-rising rents. This equates to the typical estate agent having only 8 available rental properties. The pre-pandemic average was 16, which shows how much rental availability has suffered in recent years.

The low number of rental homes is being driven by high consumer demand and high mortgage rates, which mean that prospective buyers are struggling to get onto the property ladder and are consequently stuck in the rental market. This situation means that rental prices are rising quickly amidst fierce competition. In practice, the average rents for those starting a new tenancy have risen by 12% in the last year.

With cities proving even more popular in the rental market, places like Manchester, Birmingham, and Cardiff have risen as much as 15%. Even renters who are choosing to stay put are facing increases of around 4%. This is largely because many existing renters are in fixed-period rental contracts and landlords aren’t looking to increase prices in a bid to maintain tenancies. Because of the much lower price-increases for renters who stay put, many renters are choosing to stay where they are to avoid risking higher rents. According to data from the English Housing Survey, the average length a renter stays in a property has now risen to 4.4 years, which is up from only 2.7 years in 2012. This means that the flow of available homes into the market is very slow and is further exasperating supply constraints.

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Sky High Rental Numbers

In addition to the shortage of rental homes, there are also sky high numbers of people in the rental market, with the proportion of people in the private rental sector jumping by 28% in the last ten years. According to the government’s latest housing census, 5 million households are now renting their home in the private sector. This is likely a result of affordability constraints caused by house price growth and lower first-time buyer numbers, as well as many of the factors mentioned above. Crucially, the number of households has also increased, with the number of new properties being built not matching this increase.

The huge numbers of households renting at the moment is good news for UK expat and foreign national investors, as the shortage of rental homes is being further exasperated by ever-increasing numbers of renters. These factors will both contribute to constant increases in rental incomes and rental yields, meaning big profits for UK expat and foreign national investors with the right property.

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What Does This Mean for UK Expat and Foreign National Investors?

‘The problem of high rents and low rental availability is unlikely to go anywhere as a huge increase in rental supply will be difficult as a result of higher borrowing costs and regulatory changes’ says Stuart Marshall, CEO of Liquid Expat Mortgages. ‘But for those who do manage to invest in property, the rewards are likely to be huge. The number of households in the rental market has grown massively over the last ten years and it’s likely to keep growing, with the number of new homes being built continually falling short. Rental demand is consequently bound to stay high, and this will feed big profits for UK expat and foreign national landlords.’

‘Competition is also lower for UK expat and foreign national landlords who choose to invest in UK property now. This is due to new tax and regulatory changes in the buy-to-let sector which have impacted landlords’ bottom lines and contributed to lower levels of investment into the rental sector. In turn, this has contributed to landlords selling their existing rental properties as investors look to cash in on capital growth profits, especially given the massive price rises in the last few years.’

‘While there are obvious difficulties for UK expat and foreign national investors to navigate when investing in UK property, things are not as difficult as they once were’ says Stuart Marshall. ‘The advent of specialist UK expat and foreign national mortgage brokers has been a hugely positive change for many UK expat and foreign national investors as these brokers can help investors to navigate the inherent difficulties of investing in UK property. Not only will they help to smooth the process and make completion as quick as possible, but they can also help to advise UK expat and foreign national investors in the process of choosing a property for their specific investment goals.’

To maximise the quality of the investment, UK expat and foreign national investors should keep abreast of the popular types of property and what is appealing to renters at the moment. In the most recent housing census, it’s clear that the popularity of flats has seen a huge increase over the last few years, with 500,000 more households living in flats compared to ten years ago. This demand for flats also lines up with the popular properties for UK expat and foreign national investors at the moment. Namely, energy efficient properties with lower management and running costs because they can assure a stability of rental income. In fact, much of the recent focus for UK expat and foreign national investors is shifting away from capital growth and back to solid rental incomes. This is because the rental market is booming but huge rises in property value over the last few years have contributed to low capital growth potential. City centres have also become incredibly popular for renters, which again favours flats in the rental market. Flats are also highly mortgageable, which is good news for UK expat and foreign national investors, as there are a range of excellent UK expat and foreign national mortgage products available at the moment.

Source: EIN News

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Foreign property investors must be registered, says government

The government is urging all overseas entities who own property in the UK to register at Companies House.

The Register of Overseas Entities came into force in August this year and requires all entities in scope to register with Companies House before the deadline of January 31 2023. The registration process involved them declaring the beneficial owners and/or managing officers for properties in this country.

As the deadline nears, Companies House is urging overseas entities and agents to register in good time and avoid some common pitfalls.

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To make sure registrations are processed quickly, Companies House is recommending that agents  work with their clients to make sure all the information is correct before their registration is submitted , to file as early as possible before the deadline of January 31, and for agents to file on behalf of their clients – it’s likely to be easier and quicker for them than for the clients.

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Overseas entities must register on time to avoid prosecution or civil financial penalties. Overseas entities that fail to register will also find it difficult to sell, lease or raise charges over their land. 

Rachael Watts, Head of Register of Overseas Entities at Companies House, says: “We have seen a significant number of filings rejected with most of these due to errors in the agent information section. Common errors include the registry name being abbreviated or incorrect, and inconsistencies in the agent’s name, overall person with responsibility, address, and email address.

“By minimising these errors and registering in good time, overseas entities and agents can avoid running into issues later on.”

By Graham Norwood

Source: Letting Agent Today

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Overseas buyers look to snap up London property as weak pound takes demand to ‘new levels’

Demand in London property from foreign investors is at “new levels” as they rush to make the most of the weaker pound.

The pound steadied in early trading in Asian markets on Tuesday, recovering ground slightly from the record low of 1.0327 against the dollar on Monday morning.

Sterling was standing at around $1.08 early on Tuesday but this is still significantly lower than before chancellor Kwasi Kwarteng’s mini-Budget, which sent the currency spiralling last Friday.

One London estate agent, Chestertons, has said that the dip in the value of the pound has driven interest from overseas buyers, who can now get more with their dollars.

“London already attracted overseas buyers back to its property market since the easing of travel restrictions but the weaker pound is taking demand from foreign investors to new levels,” Matthew Thompson, head of sales at Chestertons, said.

“Bearing in mind the dollar’s beneficial exchange rate against the pound, our branches have registered a particular boost in buyer enquiries from US citizens or residents of country’s where the dollar is a primary currency.”

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He continued: “To maximise the saving that can be had due to current exchange rates, buyers are especially drawn to some of London’s priciest neighbourhoods such as Knightsbridge, Mayfair and South Kensington.

“Only 6 months ago, a property that is on the market for £4million, would have cost around $5.23million. At the current exchange rate, the same property costs around $4.32million which is a saving of almost $1million.”

Rory Penn, head of London sales at Knight Frank, said that there has been “a pick up from international buyers who see a buying opportunity in London.”

“US buyers are either looking for best-in-class turnkey residential development or family houses and apartments,” he said, “particularly lateral space with high ceilings and period features.”

Arthur Lintell, who works in Knight Frank’s Notting Hill office, said that the North London residential area had seen particular interest from US buyers.

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“Favoured amongst Americans, Notting Hill has seen a recent surge in interest from US or dollar pegged buyers all keen to take advantage of the recent buying window,” he said.

“One in particular, an ex-Notting Hill local who relocated to New York 15 years ago, is now returning, as the opportunity is too good not to miss as their children start Notting Hill Prep next year. In their words: ‘The timing could not be better for us right now’.”

Naeem Aslam, chief market analyst at AvaTrade, said: “Given the weakness of the British pound, we may see foreign investors buying property in the UK as the currency has depreciated that much. For many, this could be a once in a lifetime opportunity.”

In an attempt to steady the markets on Monday, the Bank of England said that it “will not hesitate” to raise interest rates. However the pound fell after the joint statements from the Bank and its governor Andrew Bailey amid concerns that they had ruled out an emergency rise in rates.

The next interest rate decision is scheduled for 3 November.

Following the fall in the pound, some mortgage deals have been withdrawn by banks and building societies. Virgin Money and Skipton Building Society halted offers for new clients and Halifax said it would stop mortgages with product fees.

By Holly Bancroft

Source: The Independent