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The news coverage around the UK’s Brexit deal has been somewhat bipolar. While some are predicting doom and gloom as the pound continues to tumble against the euro and the dollar, others are focusing on the positive impact this has had on trade. With the UK property prices set to fall amidst an uncertain future, what do overseas property investors need to know in order to make wise investments post brexit?
It can be difficult to know which area will make a good investment, so it’s best to consider the area as a whole. Any property near a good school will be great for young families, while investors hoping to attract the student crowd should look for spots near established universities. The local high street is also a good indicator of how prosperous an area is, or can expect to be in the coming years. Closed shop fronts might be daunting, but if there’s a “coming soon” sign or planning permission posted on the front door, this can be a sign of growth.
Any estate agent simply listing their properties and then sitting back and waiting for people to find them will struggle over the coming years. A harsh economy calls for a higher level of commitment from your real estate agent. Look for someone who knows their area inside out and someone who can find properties based on your needs. When it comes to the legal side, you can often save a bit of money by finding your own conveyancing solicitor. First time buyers are currently dominating the housing market, with recent figures showing they have gone from making up 1% to overall property purchases to 27%. Unfortunately, this means some real estate agents will attempt to make a spot of extra commission on the back of your inexperience.
A new motorway or public transport link can lead to increased demand for housing in suburban areas. Infrastructure projects tend to keep their funding regardless of economic troubles, so you can bank on them going ahead post-Brexit. Keep an eye on local transport company press releases to find out about transport plans, even if they are only in the early stages. Projects like Crossrail, HS2 and Euston Express are key examples of this.
Investing in real estate requires a great deal of willpower to prevent your heart from falling for a property that is outside your budget. Approach each home with a little imagination and you’ll soon find you can compromise by focusing on the potential of a property. By looking for quick and easy ways to improve the property, you might find you can quickly and easy add value, ensuring that it is a safe investment.