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Over the last decade, property management has become an essential service for every property owner. Aeon & Trisl is a market leader in vast range of property services and has built a strong reputation in the local and global market.
AEON & TRISL
Freehold vs Leasehold: What’s the difference? If you’re looking to buy a property, it’s important to know the difference between freehold vs leasehold. Here’s Aeon Trisl’s simple guide. Purchasing a property can be a stressful experience. There are so many factors to consider, from solicitors to mortgages, not to mention actually finding the perfect property […]
Whether you’re looking for a new home or a seafront investment, here are Aeon Trisl’s top tips for buying a property on the coast. Before the pandemic, buying a property on the coast was seen by many as a luxury reserved for retirees or those whose work and social commitments didn’t keep them tied to […]
Searching for your new family home? Here are the best neighbourhoods to move to with outstanding schools. If you’re buying your first family home or planning to move with children, good schools in the area are likely to be high on your list of criteria. However, finding a property that suits your needs and is […]
AEON & TRISL UK
FREQUENTLY ASKED QUESTIONS
Should you buy or rent property in the UK
If you’re planning to stay in the UK long-term or you’re certain on a particular area, buying a UK house or apartment can be a feasible solution, particularly considering the record-low interest rates on mortgages in recent years.
However, renting in the UK may be a better choice for foreigners intending to stay only a few years; it may be more difficult to recuperate stamp duty and other costs in the short-term, as well as potential capital gains tax of 18–28% if you sell. Renting also allows newcomers to get a feel for different neighborhoods and be in a position to put a quick offer.
Homeownership in the UK
52.8% of families in the UK own their own home according to latest statistics; 28.2% own properties outright and 24.6% own with a mortgage. This figure is lower than the EU average but higher than European countries such as Germany, France, and Switzerland. Homeownership in the UK rose in the late 20th century due to the Right-to-buy scheme introduced in the 1980s, where council tenants were given the chance to buy their homes as a discounted rate. The average age of first-time buyers has risen in recent years, mainly due to increased house prices. According to the Institute for Fiscal Studies, homeownership among young adults has more than halved over the last 20 years.
The UK property market and property prices?
There has been uncertainty regarding the UK property market since the Brexit vote in 2016, although the average house price across the UK has remained fairly stable and is currently around £228,000. House prices are more expensive in the UK than anywhere else in the EU; average costs per square meter are €23.93. This is nearly double the amount of the next highest, which is France at €12.80. Prices in London are more expensive than in other major cities, currently at an overall average of £473,822 (£912,343 for a detached home, £411,950 for an apartment). Average overall costs for other major cities includes – Manchester £193,415; Edinburgh £292,644; Cardiff £250,618; and Belfast £159,562.
Financing a property purchase in the UK
If you need help financing the purchase, non-UK nationals can get an investment loan from a bank or mortgage broker. International banks such as HSBC also provide services in English. Most mortgage lenders offer various fixed-rate and variable-rate mortgages. They require you to raise a deposit, which is typically between 5-40% (usually higher for non-residents). It may also be possible to secure a home loan abroad against existing assets, but there may be tax implications. Lender arrangement fees also vary by lender, but can include a mortgage booking fee and arrangement or completion fee.
Finding a property in the UK
UK houses for sale are most commonly listed with estate agents and on their websites, on online property websites and in newspaper classifieds. You can also find properties for sale at property auctions and by scouting specific areas, looking for ‘For Sale’ signs outside properties and contacting the estate agent the house is listed with. Regardless of how you find the listing, it will usually provide contact details for a private seller or their estate agent.
Doing an internet search will reveal many online property websites listing UK property for sale, and you can also view more details on finding property via Aeon Trisl’s find a house search to buy a house in the UK.
Buying a new-build home in the UK
The UK government pledged to build 300,000 new homes a year by the mid-2020s. They’re also offering help-to-buy incentives for those aged under 40. Buying a home in the UK that’s newly built can be an appealing option. Everything in the property is brand new and comes with a 10-year warranty against structural defects. Plus, if you buy off-plan, you may get to choose some design aspects.
However, there are drawbacks such as potential delays in building work completion and it can be tougher to get a mortgage for a new-build with some lenders. You’ll also need to look out for defects, which can be dealt with if the sales team are notified at the point of sale. The process for buying a new-build and getting a mortgage is much the same as for a property that’s already been built. Most new-builds are leasehold rather than freehold, meaning that you own the building but not the land it’s built on and may have to pay an annual ground rent fee