Lahore Real Estate Forum

Start NEW Topic Or Post Advertisment

                                                          
 
Back to Forum |

Current market , lower GBPound and purchase of residentional property,

(49538)
   Lohdi
Tuesday, December 2, 2008 12:23 PM 
Reply: >
My Dear Friends from United Kingdom,

As there is property crunch is UK and pound sterling is also in tremendous pressure do you think

It is the time to invest in UK property ?
What are your recommendation and suggestions ?
What are the basic tips while buying in UK ?
What are the charges for the dealer and how much it cost for transfer ?
Should it be bought all on cash or cash / mortgage ?

Your detailed answer will be highly appreciated.
Jameel replied on Tuesday, December 2, 2008 05:18 PM 

I have some friends from UK it is right time to buy in UK if
If You are living there and you are on rent.
If Your savings are in US Dollar or Dirhams/Riyals
If you have not to pay tax on tranfer of Money o UK.
This situation id Good only for the people who are immirating recently to UK for Have UK Passport and Living abaroad/
If you dnt have UK passport then it is not good option
But prices of Houses are only 20% less than peak but UK Pound is 25% lower than 6 Moths back So cumulative saving is about 40%. My friend is rather transferring money to offshore Bank as he did not pay tax during his period in working in UAE. IN UK he willl consult some Tax layer before he will bring Money to UK.
If You are living in UK and having only UK Pound then currency benefit will be lost
IR replied on Tuesday, December 2, 2008 07:54 PM 

The economist and financial instituions are expecting to get rid of the current situation in 18 to 24 months but there is a threat of deflation whose effects are more worse than recession and inflation. The next 6 months are good to buy property in UK, the bank are normally considering application for those who have 25 to 30 percent deposit and are lending up to 3 or 4 times of annual income.

There is no stamp duty till next year up to the value of 175,000 pounds worth of property. Buyers do not pay any agent's fee but there is some solictors fee which includes some local searches ect up to 1500 to 2000 pounds. Cash buyers can get benefit to find good property at good rate.
arsu replied on Wednesday, December 3, 2008 10:00 AM 

Though theoratically it seems the right time to invest but reality is quite the opposite.Before property rental income could rise even if value fell. Also if one regional market sagged, another flourished. But today's property market misery is universal and many of the world's biggest investors are standing on the sidelines.UK pre budget report is telling that in 2009 they expect house prices to fall by another 10% or more.In today's debt starved market property is not a safe heaven it once was, hence not the right time to enter in a tunnel whose other end is not visible to you.
Jameel,there are no personal taxes in UAE, only few import duties.
>