In the last year, we have seen an increase in overseas buyers investing in the North-West. Many buyers from overseas see the UK property market as a safe haven. And these buyers are driving up property prices in many parts of the North-West.

Why are overseas buyers investing in the North-West region?
Such buyers see the North-West as an area that offers better value for money compared to the London market. And looking at figures from Savills, they predict prices in the North-West will increase by 24% in the next five years.

There’s no doubt that the North-West continues to see prices rising. For those looking at buy-to-let investment the yields are very attractive. Manchester offers employment opportunities in a range of sectors and convenient transport links. In addition, there are plenty of regeneration projects and investments planned for this region, which will inevitably increase prices further.
One of the other major factors behind an increase in overseas investment is the strong exchange rates available.

Path to Citizenship
Hong Kong is a country from where we are seeing overseas buyers and investors interested in the North-West. For those from Hong Kong, demand has increased since political changes were announced in 2019. This led to the UK Government announcing a path to citizenship for British National Overseas (BNO) residents in Hong Kong. From January 2021 a BNO passport-holder is allowed to reside in the UK for five years, after which they can apply for settlement and later citizenship. The Home Office has predicted that around 300,000 Hong Kongers will relocate to Trafford and Greater Manchester, with 70% of Hong Kongers eligible for the BNO status.

Schools make a difference
The Trafford schools are a large attraction for all property buyers, including those from overseas or looking for investment opportunities. Education is high on the list of priorities for most buyers. But we know that in the Trafford region specifically, many people find themselves priced out of the local market. It is a struggle for many to secure a home in the school catchment areas.
But even for those whose children have grown up and left school, Trafford offers the lure of rural living too. Buyers can take advantage of the huge levels of demand for homes in a more rural location.

How to buy successfully
In today’s market, it’s hard to compete with a cash buyer. A seller will more often than not choose the security of a cash sale over a buyer who is dependent on a mortgage. For those looking to purchase with a mortgage, we advise you to save up as large a deposit as possible.
If you have a house to sell, you should make sure it is sold with as short a chain as possible. Then obtain an approval in principle from your lender before venturing out to look for a new home.

Whether you are looking locally, nationally, or from overseas, we can help you buy, sell, and invest in property in the North-West. The team at Jameson and Partners are always here to offer you advice, and we can support you in finding new a home. Contact us today.