London, a breathtaking dreamland which embraces both medieval and modern architectures and property, has a rich history of art in its culture and lifestyle. As the capital of England and the largest city in the UK, London has been a hotspot for investors for its many attractions and opportunities.
Real estate London - should you invest here? Let’s get to know more about London and its current situation.
Having one of the largest city economies in the world, London is booming in its trade and commerce industries. Accounting for only 13% of the national population, it contributes to a hefty 23% of the UK economy.
Also home to a mass of foreign and local banks, London's financial services play a dominant part in the contribution to the economy. It is also one of the major places where forex trading takes place. With a financially stable economy, many business opportunities will arise. This will encourage people seek for jobs there, and to invest in their capital.
Many countries have restrictions regarding foreigners investing in their properties. However, the UK government welcomes foreign investments and do not have any laws restricting investors from all around the world to invest in London property. However, it is encouraged for foreigners to pay by cash rather than mortgage.
Furthermore, an investor can pull out their financial investment funds whenever they wish to. There are no law restrictions on the repatriation of funds.
The property market has been affected due to the Covid-19 pandemic in 2020, but it is now back in the market, and is actually a favorable time for investors to invest in London real estate. With the property prices lower than usual, many discounts are offered by the property developers to attract investors. With the prices expected to increase until year 2024, investors will make a considerable amount of capital gains in the near future.
One of the main qualities an investor looks in property investment is whether it will receive a high rental income. As seen from 25 UK postcodes, rental yields in those areas are higher than 6%. Compared to other countries such as China, Shanghai only has an average rental yield of 2 - 4%. With the UK generating higher rental yields than average, it is indeed an attractive opportunity for foreigners to invest in London real estate.
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UK, with its many appealing factors, clearly explains why London is a hotspot for foreign investors.
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