Pound Sterling: Traditionally a strong currency. The cost of living is higher in the south than the North, but overall is among the highest in Europe.

Economic climate: There are no limitations to foreign property ownership. The economy is one of the “powerhouses” of Europe. Average salary is GBP 26,500 per annum.

Taxes: The favourable tax dispensations enjoyed by foreign investors and non-resident UK expatriates are designed to make the UK an attractive investment haven. Local Council tax is applicable on all property covering services.

Popular areas: London and the cities of Manchester, Bristol and Leeds are major markets. The more rural areas of the South Coast, West Country, Cotswold’s, Lake District, Yorkshire Dales and Scotland & Wales are also very popular.

Price ranges: The national average increase in property prices in 2002 was 28% but has slowed. Prices vary significantly from North to South.

Budgetary guide: Detached houses (2 floors): GBP 130,000–600,000, Semi-Detached houses (2 floors): (South) starting GBP 112,000 (North) 65,000, Bungalows (1 floor): (South) starting GBP 85,000 (North), 65,000, Rural cottages (South) starting GBP 90,000 (North) 75,000. London Apartments: from GBP 200,00.

Buying Property: The buyer makes an offer subject to survey and contracts. As contracts are exchanged a 10% deposit becomes due, which will be held by the vendor’s lawyer. At this point the buyer is legally bound to complete the purchase.

Service Fees: Overall 4% of sale price: Stamp Duty 1-2% from GBP 60k to 250k, 3% from GBP 250KLegal fees and documentation fees included in overall.

Mortgages: Overseas buyers can obtain mortgages from 70 to 80%, (UK residents up to 95%) spread over a 25 years according to age on a Repayment or Endowment basis.



 Related site: http://www.ukpropertyguide.co.uk