A must-read for anyone who wants to buy a house in the UK!Detailed explanation of home purchase policies and procedures

Many powerful domestic buyers are planning to buy a house in the UK. After all, if you plan to live in the UK for a long time, renting is not as cost-effective as buying a house.

Buying a house is a big deal, not to mention buying a house in a foreign country, which makes people inexplicably fearful and fearful.

However, anyone who has bought a house in the UK will tell you that buying a house is actually very simple. You only need to find three reliable people to buy a house easily: Real estate agent + loan expert + house buying lawyer, these three people will help you get everything done.

Today I will introduce the process of buying a house in the UK.

· House prices have risen steadily over the years

#{ 37} Data from the British Land Registry in July 2021 shows that the average house price in the UK has increased by 8% year-on-year, and some areas have experienced a year-on-year increase of more than 20%.

London house prices have increased by 449% in the past 20 years. In some areas of London, house prices have even increased by as high as 702%. The value of houses has increased by 1.56 million pounds in 20 years.

British real estate is enjoying sustained rental income while steadily maintaining and increasing its value.

· Houses are in short supply

#{57 } Due to the strict and complicated approval process of the British building approval department, the supply of new homes is far lower than the demand.

The British property market is currently experiencing an increasingly serious imbalance between supply and demand, and there is no sign that supply levels will increase.A strong seller's market will continue to impact housing price growth.

· Britain’s population growth is at an all-time high due to rising immigration# {71}

Data show that from 2016 to 2019, the population of the UK increased by 1.23 million people.Despite the epidemic, the British population still increased by 355,000 between 2019 and 2020.

The UK's economic improvement and the instability in the EU region have led to a large number of people looking for job opportunities in the UK.

In addition, the high-quality education in the UK attracts a large number of international students every year.There is a serious shortage of housing and rental housing in the UK, especially in London.

· Sound legal system

#{97 }

The laws and regulations in the UK are very sound, complete, fair and transparent, which can well protect the property rights and interests of owners and eliminate worries during the investment process and holding period.

· Property security in London

The British real estate market is currently very stable and the risks are relatively small. The important thing is to have complete compliance and legal guarantees. All procedures have been filed with lawyers and all house purchase processes have been completed. Funds are supervised by third parties, attracting immigrants and investors from all over the world.

British house purchase policy

#{27 } 1. Identity requirements for buying a house: a passport and funds.

2. House type: Apartments, villas, and manors can all be purchased, up to you.

3. House property rights:

· Permanent property rights;

4. House area:

· Whether the property purchased by locals or foreigners is Net area, no sharing;

· There is no shortcomings or corners-cutting in houses purchased in the UK, including various promotional materials, both in terms of area and delivery conditions. Photos are real.

5. Loan:

· Can foreigners get a loan to buy a house?

Yes, customers with or without a visa can apply for a loan;
Buying a house for investment has a higher interest rate than buying a house for self-occupation, and the loan ratio is also Lower.

· Loan amount: Foreigners can be approved for a loan of 60%-75%, which will be determined based on the applicant’s income certificate;

· Repayment interest rate is divided into: regular fixed interest rate, floating interest rate#{82 }

Regular fixed interest rate: During the regular period, you don’t have to worry about the bank adjusting the mortgage interest rate. You only need to reserve enough funds in the bank account that the mortgage bank will automatically deduct in accordance with the mortgage contract. .

Floating interest rate: You need to pay attention to the bank’s interest rate adjustments.Although most banks will only adjust mortgage rates when the Bank of England adjusts the base rate.

· Loan procedures:

▶︎Proof of source of funds;