Can foreigners buy property in the UK?
I am not British but I'm interested in owning a property in the UK. Is it possible for foreigners to buy property in the UK?
In short, yes, as a foreigner you can buy property in the UK, even if you do not live in the UK.
That said, buying property in the UK as a foreigner is easier if you are a cash buyer – i.e. do not need to apply for a mortgage or additional borrowing as it may be difficult to apply for such a mortgage.
Therefore, if you are looking to buy a property, it is important that you have a full understanding of the UK property market and have access to funds.
It is also important to remember that, while the pound is currently relatively cheap, property prices in the UK are still comparatively high, depending on the area.
However, if you can afford to buy a property outright, yields from rental income can be high, while property prices tend to rise.
It is not yet known quite how Brexit (the UK’s exit from the EU) will affect overseas buyers of UK property, or house prices in general, and we are also aware that the UK Government has plans to introduce an additional tax for foreigners buying property in the UK.
If you are thinking of buying property in the UK, we can arrange for a free consultation so you can establish whether it is a sensible investment for you and potentially help you find the right property as well.