SPONSORED | For many African clients, owning real estate assets in the UK is about wealth diversification
05 October 2021 - 08:00The UK property market bounced back exceptionally strongly from the depths of pandemic last year. This year, March was the busiest month for property transactions in at least 15 years, with total spend over the preceding year reaching its highest level since before the global financial crisis.
“However, one reason to believe the supply and demand imbalance will correct is that the number of market valuation appraisals is rising,” Bill says. “This is a good leading indicator for supply.” She says that across PCL, property prices are down just over 20% since the peak of the market at the end of 2014. She echoes Bill’s sentiments that PCL is due some sort of price growth, which was starting to play out just after the general election and after the pandemic started.
“For many African clients, owning real estate assets in the UK and, in particular, PCL is about wealth diversification. Many of the families we advise have made their wealth in much higher risk countries and continue to view property in London as a safe-haven asset class. There are other strong pull factors, including education and business.”
As with any investment, it is important to gain a thorough understanding of the market dynamics and potential risks associated. Non-UK residents who are looking at acquiring property in this jurisdiction should consider additional costs associated with the purchase price. This includes the new 2% non-resident surcharge for Stamp Duty Land Tax , introduced on April 1, that foreign buyers must contend with.
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