12 Mar 12.03.2019 UK property: Why 2019 could be the best time for you to buy property in the UK
12.03.2019 UK property: Why 2019 could be the best time for you to buy property in the UK
Those investor who purchased property in the UK in 2009, following the global financial crisis, have made the most profit when selling their asset in recent years.
Brexit, and the immediate uncertainty of the UK’s withdrawal from the European Union, means that some investors may be waiting until a conclusion is reached before entering the property market. However, a new data suggests that those investors who took advantage of the currency drop, fall in the pound due to the Brexit referendum, could be about to achieve the biggest levels of profit over the next few years.
Recent research by Savills shows that investors who bought the property in the UK in 2009, amid the fallout of global financial recession, achieved the biggest returns on the sale of their assets. On average, those buying UK real estate in 2009 made £93,378 when selling their asset last year.
It emphasizes how important it is to purchase property when the market conditions are right and to take advantage of wider economic uncertainty.
“Over the last 15 years it really has made a difference as to when and where you bought in terms of the profits you’ve made. It reinforces that it’s not a one-size-fits-all market,” said Lucian Cook, Residential Research Director at Savills.
“The mortgage markets (in 2009) were locked up, but I also suspect some of this is about whether people were brave enough to do it and whether some people in 2009 had enough accumulated equity at that point to be able to make the move.”
The UK is currently suffering a housing shortage: 300,000 new homes is required each year. Thereby, regardless of wider economic concerns, this does not alter this supply and demand imbalance in the UK’s property market.
The pound is currently 11% cheaper against the US dollar than it was on June 22nd 2016, the day before the EU referendum, and many investors are taking advantage to ensure they can secure an asset with the best value and long-term growth prospects.
Are you looking to purchase property in the UK? Contact Svetlova LLP now on +44 207 129 129 6.