About buying a house in the UK, have you ever wondered how? There are no legal restrictions on expats buying property in the UK. Foreigners and non-residents can also get a mortgage in the UK. However, those with less than two years of residency in the UK and without a job may face more stringent requirements and a bigger deposit. See this guide to mortgages in the UK for more information.
You will need to appoint a UK solicitor or conveyancer to handle the legal paperwork when buying a house in the UK.
Generally speaking, the same taxes apply on property and property-related income for non-residents as for UK residents. Stamp duty is paid at the same rate and Capital Gains Tax will be paid at the same rate if the property is sold at a profit. If you’re a non-resident landlord of a UK property, you’ll need to pay tax on rental income in the same was as resident landlords, although you may be able to get an exemption if you pay tax on this income in your home country and your country has a double taxation agreement with the UK. See this guide to UK taxes for more information.
The UK property market and property prices
There has been uncertainty regarding the UK property market since the Brexit vote in 2016, although the average house price across the UK has remained fairly stable and is currently around £228,000. House prices are more expensive in the UK than anywhere else in the EU; average costs per square meter are €23.93. This is nearly double the amount of the next highest, which is France at €12.80.
Prices in London are more expensive than in other major cities, currently at an overall average of £473,822 (£912,343 for a detached home, £411,950 for an apartment). Average overall costs for other major cities includes – Manchester £193,415; Edinburgh £292,644; Cardiff £250,618; and Belfast £159,562.
Keyphrase: buying a house in the UK
