Choosing the best estate agents in Liverpool
The Liverpool real estate market is a mature market with centuries of history and a tradition of respect for property rights. In 2020-2021 it experienced a staggering growth that, in many ways, continues to this day. Thanks to the measures introduced to support the economy, tax breaks for buyers, and a reduction in the refinancing rate in 2020, housing prices increased by 10% per year and continue to grow. In general, prices are now 20% higher than before the pandemic. Turning to Liverpool realtors, you will choose the right option for real estate.
Benefits of real estate
Buying property in England does not give you the right to emigrate. There are currently no plans to introduce a visa program for UK property owners or those planning to invest in it. Therefore, buyers from Russia need to apply for visas and get the basics of being in the country regardless.
But to buy real estate and own it, it is not necessary to live here or be physically located. There are no restrictions on the ownership of real estate by foreigners. You can come on a tourist visa and at the same time have here working for the benefit of the owner and generating a stable income.
Is it worth buying now?
Liverpool is a promising destination for those who are attracted by a stable financial and legal system. One of the main advantages of buying property here is the absence of ongoing property tax and the low cost of owning property. The flip side is the presence of a purchase tax (stamp duty) and an inheritance tax, which is quite high.
Residential real estate does not give the highest yield – about 3% per annum. The advantage is in a stable income and the capitalized cost of the object itself.
In terms of the situation on the market itself, now is a perfect time to buy. The excitement of the pandemic period is fading away. You can search in a more measured mode, calmly choosing the best options.
Market forecasts are the most favorable – the prospect of further growth in residential real estate prices in Liverpool remains.
Purchase process, taxes, and fees
Buying a residential property is a severe transaction that requires the involvement of lawyers. Both the seller and the buyer hire lawyers to complete the paperwork and process the payment. They check the documents, make sure that both parties are honest and clean and that there are no disputes related to the seller’s ownership, etc.
Through lawyers, money is also transferred from the buyer to the seller. The buyer moves money to the bank account of his lawyer who transfers the money to the seller’s lawyer, and the seller’s lawyer to the seller himself.
Since a real estate transaction is a confusing process with many nuances, many buyers hire real estate consultants. Agency benefits include:
- security of registration of transactions;
- assistance in choosing real estate;
- consultations on all issues.
The buyer is obliged to provide his lawyers and substantiate the source of origin of the money. These requirements are the same for everyone, including UK citizens.