British expats in UAE buying UK homes
UK rental prices for the three months to April rose by 10 per cent
British expats living in the UAE are taking advantage of rising rents in the UK to purchase investment properties, according to Offshore bank, Skipton International.
The bank says it has seen a lot of interest from expats living in the UAE and Brits living and working abroad who want to purchase a buy-to-let property.
“We’ve had interest from all over the world, but particularly the UAE. Our customers are showing they are making the most of the buy-to-let opportunity and with many now viewing the London property market as overheated, demand is set to increase for properties in other areas of the UK where rental yields are looking far more attractive for buy-to-let investors,” says Jim Coupe, Managing Director of Skipton International.
However, earlier reports signaled a decrease in appetite for real estate investment among British expats.
It was reported last year that UK expats who own property in their home country are to pay more tax on this income under plans to force non-residents to pay tax on all their UK income.
It was expected that the move could affect up to 400,000 people and this would also include 175,000 people who live abroad and earn an income from property in Britain.
But the Skipton International report shows there more people want to be a part of the opportunities (rental hikes) in London and others are also taking advantage of rental increases elsewhere in the country.
New research from Homelet, a British property management agency, shows that UK rental prices for the three months to April, rose by 10 per cent, but it’s the regions which are outstripping London with their growth.
The west midlands, East Anglia and South West all saw greater rent increases than London in the three months to April.