UK Set to Be an Overseas Property Hotspot

  • 16 years ago
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The latest report from the Centre for Economic and Business Research indicates that now could be the best time to buy as it predicts that average UK house prices will rise sharply between 2010 and 2012.
 
UK property investors have been heading abroad to find bargain properties usually at well below housing values in the UK, however the slow down could well make the UK an international real estate investment hotspot.
 
Overseas property website Homesgofast.com reports a steady stream of overseas investors seeking UK investment property. Nicholas Marr director “Our finding service has seen a sharp increase in individual investors from India and Dubai seeking investment property in London and its suburbs. This is a complete reversal on our usual business where we would normally seek investments in those countries from UK buyers”
 
Britain seems to be a buyers market a recent indication can be seen with shares in Britain’s third-largest real estate investment trust trading down 5.2 percent at 920 pence by 0919 GMT Aug 6th 2008 the value of its assets fell to 7.99 billion pounds ($15.62 billion) in the first half of 2008.
“The property cycle has to run its course with excesses of the boom years to be purged from the system,” said Liberty Chairman Patrick Burgess.
 
“Property values are unlikely to recover until stability returns to the banking sector, and therefore we consider the process of falling values is not yet complete,” Burgess said.
 
Gordon Browns hopes for a rapid boost in Britain’s economic outlook were undermined  today after the International Monetary Fund (IMF) reduced its forecasts and warned that the UK faces a two year-long economic downturn.
In its annual economic health check on Britain, the IMF said that a series of heavy blows from tumbling house prices, the credit crunch and rising unemployment meant that UK growth would be a meagre 1.4 per cent.
 
 
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