Despite the apparently high costs, the UK property market is one of the most liquid markets in the world. Particularly in London, investing in real estate could be the best antidote to falling prices, a hedge against inflation and obtaining capital gains.
The demand for real estate has always been driven by the UK, first, because of the country’s small territory – only 1,000 miles from north to south and 400 miles from east to west. The growing needs for housing development in population of England must be in permanent balance with the need to preserve the countryside and green parks. Thus, governmental policy promotes substituting industrial areas with green field sites, located outside the city. Depending on the area, where transformations are expected, the grant can be provided to clean the territory. In addition, the environmental concerns contribute to the requirements for its research that is undertaken in respect of history of a particular property, and where the land itself may be dumped. Essentially, the current legislation can be held liable for contamination that occurred many years ago, despite the fact that it became the result of the efforts of the previous owner.
The current economic situation in the world makes the UK real estate market even more attractive. The population of Great Britain has been steadily increasing, while the number of construction of houses and apartments in Britain lags behind the demographic situation. The state of affairs is exacerbated by a shortage of housing against the background of a huge influx of foreign workers: the protracted crisis in conjunction with progressive unemployment drives people to change the residence for more economically prosperous countries in search of work. Thousands of people in London every day are turning to employment agencies in search of housing apartments for rent. In this regard, investment in real estate the UK always bring stable rental income. At the moment conveyance solicitors admit the fact the pricing has reached its historical peak.
Referring to the Land Law of Great Britain (which also regulates the UK real estate market), you will find that the basic concepts here have not changed since the time of William the Conqueror, when in 1066 he laid the foundation of the system, which the country is genuinely proud of, and for the foreigner it is, as a rule, the subject of genuine bewilderment and incomprehension. However, stability of the area is another factor that drives interest to the sector. By law, all land in England and Wales belongs to Her Majesty Queen Elizabeth II, and all the other mortals have only the unconditional right to use of land and buildings located on it. Freehold form of ‘ownership’ is very similar to the international practice concept of tenure, which can be called ‘ownership’ and so, if you own real estate in freehold rights, you become the full owner of real estate buildings located on this land you are free to enroll in any operations with your property, it is only necessary to coordinate your actions with local authorities.
While in London a deficit of real estate of around 30% is observed, which is not able to cover the demand, but the real estate market in the capital is ready to offer a wide price range of residential properties, busting the myth of the inaccessibility of the apartments in the UK. The price is affected by a number of factors, first and foremost – the district, the area, number of floors, parking, transportation, proximity to cultural, entertainment and public facilities.