Buying property in the UK is not difficult or restrictive like other countries. There are almost no restrictions (nationality, policies) preventing a foreigner with the money to buy property or land in the UK.If you are an investor or looking to relocate to the UK, read our guide on how to buy property in the UK.
Before you embark on that journey over the Thames, it would pay to identify what the common property types in UK are.
Buy to Let
Buy to Let
These are properties you buy with the explicit intent to rent out. They can range from cottages to modern apartment flats and can either be new homes or resale properties.
New homes
New homes are generally detached houses, flats, terraced homes, semi-ds and bungalows.
With the new and lower tax imposed in 2011, London in particular, has seen a flood of wealthy foreigners buying up homes. If you have the money, buying property in the UK, specifically London, is not difficult.
Land acquisition
Foreigners can buy land with no restrictions in the UK currently. However, you may require planning permission before you can build on the land. The local council in your district would be able to advise you further.
If you purchase land which already has planning permission, there is a high chance that it will be more expensive.
The previous vendor would have already spent time and money to turn the land into a profit. They would factor this cost in when quoting you a price.
Therefore, where possible, choose land that does not require planning permission, unless you’re starved for time or it’s too risky in one without prior permission.
Commercial property
Offices, warehouses and shops are the main commercial properties that see investments. In recent years, commercial property has not been as profitable as it was in 2007.
It has improved since then but had suffered another downturn sometime in May 2012 due to the Eurozone crisis. It is entirely possible that it would recover but for now, investors are keeping their money in residential property and land.
If you’re interested in purchasing property in the UK, read our guide.
Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.