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Property prices in England

Hello everyone,

Finding affordable housing in England is number one priority for newcomers. Tell us more about the estate market in your district/city/region.

What are the most desired places to live? What are the most affordable ones? What is the average cost of a rented flat? And what is the average sale price for an appartment or a house? Could you tell us more about local real estate policies/procedures? What about property tax or residency tax in England?

What about you? Where do you live now? Is it a place you would recommend?

Thank you in advance for your clarifications.

Priscilla

Hello everyone at Expat.com,

I thought I would share with you my view of the current property market in London, as the media seems to contradict themselves on a daily basis...

London's price weakness continues: while falls in new seller asking prices are the norm at this quieter time of the year, this month's average 4.3% drop (-£27,678) is the largest in December for 6 years.

Signs of pick-up in activity however, with sales agreed compared to a year ago only 7.2% down in November compared to 17.6% in October.

2017 Forecast: Inner London prices are to fall a further 5%.
13.8% fewer sales agreed this November compared to last year are likely to lead to prices needing adjustment downwards to achieve better equilibrium.

Despite the uncertainty created by Brexit, the London market is overall resilient because of the constant shortage of housing and the added demand from foreign buyers created by the lower Pound. Let's take note however that there are more and more properties on the market than ever.

The scrapping of the 10% wear and tear tax relief combined with the extra 3% stamp duty tax for buy-to-let investors was designed by the government to stop buy-to-let investors competing with first-time buyers for access to properties on the market. It has had mixed results where effectively a higher proportion of first-time buyers bought properties, but the overall number of sale transactions has significantly fallen, sometimes by more than 50%. Despite lower mortgage rates, access to mortgages is stricter than ever and rely on affordability rather than loan to value ratio. In April 2017, mortgage payment tax relief for buy-to-let investors will also be phased out, so many buy-to-let investors are considering selling their properties. This will again increase the inventory on the market and may continue to decelerate London's selling price growth.

For the few buyers who are able, ready and willing, 2017 sounds like a great time to buy.
There are more properties to choose from and sellers have to compete more intensively to attract buyers.

*

Muriel

Moderated by Christine last month
Reason : please do not post your contact details on the forum. Thank you

Note Expats:

It Takes 3 years B4 you'll be eligible to acquire a Credit Rating. 
Therefore, unless you can afford to buy a property for Cash; you'll find you'll be forced to rent for your first 3 years of living in UK. 
Which is strange as within our 1st 3 years of having lived in USA we'd purchased 2 residential properties to live in & we didn't have a credit rating or their Social Security # usually needed to acquire most things in USA.   So I'm a frustrated renter.  Would have preferred my £1,500.00 PCM being paid towards my mortgage vs someone else's!   I'm sure most would agree with me too!!

Depends where you live and what you want.  Expats with no UK credit history, unless they bring a lot of money with them to buy outright, will not have a credit rating, so have to rent for the first 3 years at least.

There are many websites that list properties available to rent and buy; Google is your friend.

Arrived into America with no credit history and was able to purchase a new property immediately; Not so here in UK, that's with a hefty deposit too!   We are in England.  Rent to Lease/ Rent To Buy & Shared Equity - Expats once more don't qualify!   Expats are not eligible (with the exception of Medical Benefits) to "any Government help" for 5 years.  It's actually stamped - "No Access To Any Government Benefits" - on your "UK Visa".   So it's a NO to even obtaining a "Rent To Buy" property I'm afraid.   It still requires you to have a Credit Rating anyways - so that's 3 years.  Your on your own.......  That goes for receiving of any future Pension entitlements too....   Unless you've lived and worked 35 years in UK.  You come to UK; your on your own for your first 5 years anyways!   No access to a Credit Rating for 3 years.  But you can register to vote immediately upon having a bank account and a registered residential address with a recent utility bill in your name as proof!    For "US" - We both qualify to get a Credit Rating in 1 years / 1 months time: Feb, 2018.  We qualify for access to Government Benefits on Feb 15th, 2020.

Aussie Dreamer :

.....  But you can register to vote immediately .....

Only in local elections and EU elections if your are a citizen in another EU country.

Cynic; - As written in my last sentence in previous post:

But you can Register to vote "immediately" upon having proof of a bank account and a registered residential address with a recent utility bill in your name as proof!   I can only speak on behalf of Aussies living in UK. 

Aussies Voting in the UK.
Commonwealth citizens who are resident in the UK have the right to vote. One of the perks of coming from the Colonies ;)

Aussie Dreamer :

Cynic; - As written in my last sentence in previous post:

But you can Register to vote "immediately" upon having proof of a bank account and a registered residential address with a recent utility bill in your name as proof!   I can only speak on behalf of Aussies living in UK. 

Aussies Voting in the UK.
Commonwealth citizens who are resident in the UK have the right to vote. One of the perks of coming from the Colonies ;)

LOL - thank you for raising that point.  I wonder if I can vote in Aussie elections? :)

If your a British Citizen then it should be equally reciprocated?   
Ask our friendly expert Mr Google??

Aussie Dreamer :

If your a British Citizen then it should be equally reciprocated?   
Ask our friendly expert Mr Google??

Thanks - I think the time to export my skills lapsed some years ago, when I turned down a move to Canada (note to self - next time a gift-horse appears, jump on the b****y thing).

Canadians wouldn't have any automatic rights to Vote in OZ. 
UK does because it's one of the perks for Commonwealth citizens.
One of the perks of coming from the Colonies!
As an Aussie - living 15 years in America on a Green Card Visa; I had no rights / not eligible to Vote in USA.

Anyway, dragging this back on thread; the UK Office for National Statistics provides information regarding UK house prices; you can access it from this link.

Current prices for rentals are from "interested sources" and you can access them from this link.  To find what's available now, other sources are available, i.e. "Zoopla" and "Rightmove".

As always; information from the internet is non-attributable to myself and should always be viewed as "buyer-beware".

Hope this helps.

EU citizens are able to buy property very easily compared to non-EU Citizens. The bank or mortgage broker will give you more info on the matter.

Aussie Dreamer :

Cynic; - As written in my last sentence in previous post:

But you can Register to vote "immediately" upon having proof of a bank account and a registered residential address with a recent utility bill in your name as proof!   I can only speak on behalf of Aussies living in UK. 

Aussies Voting in the UK.
Commonwealth citizens who are resident in the UK have the right to vote. One of the perks of coming from the Colonies ;)

All the information regarding voting can be found here https://www.gov.uk/register-to-vote

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