If you’re a South African expat living in the UK, you might be tempted to buy some property – whether it’s a home to live in or a property to rent. Property in the UK has always been seen as an excellent investment and although it is considered to be expensive, when compared to many other countries, its demand has not dropped and house prices have not significantly declined, even during the recent banking crisis.
What expats should know about buying property in the UK
Be aware of the London bubble
London is a law unto itself when compared to the rest of the UK. In London, property is in extremely short supply and prices are significantly higher when compared to the rest of the country.
Now is looking like a good time to buy
Until very recently property prices in the UK have just been escalating, but the Nationwide House Price Index has recently revealed that house prices fell in the UK in April by 0.4%. This fall is the worst monthly decline since 2012 with the average price of a UK home falling to £207,699. Even though there has been a fall, the index is still 2.6% higher than April 2016 – so it looks like a good time for first-time buyers to take advantage of the drop and get on the property ladder.
One of the reasons for the house price decline has been put on the shoulders of the national shortage of houses. People are tired of looking and have started to lose interest, resulting in the house price drop.
Data shows sales remain strong
The property website Rightmove has reported that despite the decline in asking prices, the number of agreed sales has increased by 7% compared to June 2016 and were the highest seen in May for 10 years, with the exception of 2014.
FinGlobal takes the pain out of house buying for SA expats
If you’re a South African expat, FinGlobal can take care of the international flow of your funds. No more hassles. No more red tape. Just fully compliant transfer of your financial assets from South Africa.
As South Africa’s leading financial emigration company we are ideally positioned to help you with moving your funds abroad:
- We will deal with the South African Reserve Bank and guarantee you excellent exchange rates for funds and ensure your transfer is compliant.
- We will ensure the smooth transfer of your funds abroad.
- We can assist with all your tax requirements in South Africa.
With thousands of clients in over 105 countries, we can offer a comprehensive and hassle-free solution for the international flow of your funds (including the proceeds of your policies) from South Africa.
To find out more about how we can assist you with transferring your funds to purchase the UK property of your dreams, contact us today and we’ll help you on the path to financial freedom in your new home.
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