UK property market sees green shoots as buyers anticipate rate cut, lower mortgage rates

Quick Summary:

Hong Kong- and mainland China-based buyers could return to UK property markets on prospects of lower interest rates and mortgage costs.

Interest rates in the UK were raised to the current level of 5.25 per cent from 0.10 per cent in March 2020 as consumer prices surged.

Initially, however, non-domiciled residents will have a four-year grace period before being taxed on their offshore incomes.“The tax applicable to UK residential property for non-residents remains largely unchanged, which is the case for many of our HK and mainland Chinese buyers,” JLL’s Wong said.

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Article Details

Author / Journalist: Cheryl Arcibal

Category: Business

Markets: Hong KongChina

Topics: Homes Prices Residential Rates Bank Interest Hong Property Cent Year London

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-22 @ 09:30:15 (2 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 1020 words

Reading Time: 6 minutes read

Sentences: 25 lines

Sentence Length: 41 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21718578

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