You’ve probably heard enough about Brexit, and its surrounding uncertainty.
In 2016, the UK voted to leave the European Union, which was supposed to happen on 29th March 2019 but didn’t. And may now happen on the 31st October or before, if MPs can agree an acceptable Withdrawal Agreement.
The UK’s relationship with the EU post-Brexit is dominated by negative proclamations, or vague ideas of what a future relationship might look like.
But despite a lack of clarity, there’s still been good news across the UK property and investment sectors:
The UK is the top investment destination
For the first time in its ten-year history, the UK was ranked the world’s top investment destination in research by professional services firm EY, knocking the US from pole position, which it has held since 2014. Germany, China, France, Canada, India, Australia, Brazil and the United Arab Emirates rounded out the rankings top 10.
Investors are confident
According to a recent independent study commissioned by Experience Invest 39% of domestic real estate investors are planning to add to their holdings, with a further 35% saying they would be maintaining their current number of properties. The most popular destinations for investment included the North West and the Midlands.
Forecasts show double figure growth in regional cities, with the North of England and the Midlands set to outpace London and the South East for the first time. Over the next five years, house prices are expected to rise by 21.6% in the North West, 19% across the Midlands, 20.5% in Yorkshire, and 17.6% in the North East.
The weaker pound has encouraged investors to purchase UK property. The 13% drop in the pound compared with the dollar since the UK’s vote to leave the European Union in 2016 has provided immense opportunities for investors seeking a bargain.
Strength of the Build-to-Rent Market
The purpose-built rental accommodation market has grown year-on-year and shows no signs of slowing. With the total number of BTR units completed/under construction or in longer-term planning pipeline in the UK stood at 139,000 in Q4 2018, a 22% increase on Q4 2017.