Now that the UK’s political scene has settled down, plans for London’s urban regeneration is going full steam ahead. So what exactly does urban regeneration mean, and what happens to an area that undergoes this process?
During the UK’s election in 2019, Boris Johnson promised to impose a new 3% tax on property purchases by foreign buyers. It was a shrewd maneuver to appease the local voters, who had to suffer through massive drops in their property values due to the chaos caused by Brexit and the political uncertainty. To rub salt in the wound, foreign buyers had been taking advantage of the situation, by snapping up UK property on the cheap. Previously, local and foreign buyers pay the same amount of tax. From 11 March 2020 onwards, foreign buyers will have to fork out an additional 3% tax on UK property.
In London, fare zones are used to segregate the capitol into 6 distinct areas. Zone 1 covers central London, while zones 2-6 form concentric areas around it. Traditionally, due to its more centralized location, Zone 1 has been the pick of the bunch when it comes to London properties.
With Brexit finally over, property analysts are predicting a one-year transition period for the UK property market. During this adjustment period, strategic investments can net you under-valued UK properties that have the potential to appreciate significantly. One of these “hidden gems” is HSQ. Located just 10 minutes from Heathrow Airport and a 5 minute walk to the vibrant Hounslow Central, this exciting development is central to the area’s regeneration plans. So what exactly makes HSQ such a worthwhile investment? Are you eligible to invest? What’s the price of a unit?
1,317 days. 3 prime ministers. Two false exit dates. Political turmoil all around. That is the “casualty list” Brexit had left in its wake. On Feb 1 at 11pm (UK time), the official news was in: UK has finally left the European Union. Do a quick Google search, and you’ll find plenty of reports about the finer details of Brexit. So we’ll not be covering the readily-available news in this article. Instead, we’ll zoom in and focus on what really matters to our readers: How the Brexit fallout will affect the UK property market.
Buying a UK property for rental purposes is a great way to make sustainable passive income. With the market poised to make a recovery after years of turmoil from Brexit and the political uncertainty, now is an ideal time to invest in a UK rental property. However, there are rules and regulations unique to the UK property market, which foreign investors tend to overlook or be unaware of.