Expats in Hong Kong and Singapore take advantage of rising rents in the UK
With Hong Kong and Singapore topping the list of the world’s most expensive cities to live in, British expats are taking advantage of rising rents and long-term property inflation back home and purchasing buy-to-let investments in the UK.
Offshore bank, Skipton International has seen a lot of interest from expats living in Hong Kong and Singapore since launching a range of buy-to-let mortgages for Brits living and working abroad. The Asian countries are in the top four of the costliest cities for expatriates, according to the Mercer’s 2015 Cost of Living Survey. The survey takes into account housing, transportation, food, clothing, household goods and entertainment, and has Hong Kong in the second slot and Singapore fourth.
Prospects for buy-to-let landlords in the UK are rising with the private rental market continuing to increase, according to the UK Government’s English Housing Survey. It found that in 2013-14, 19% (4.4million) of households were renting privately, up from 18% in the previous year, and 11% in 2003 with young people aged, 25-34 more likely to be renting privately than buying. Renting privately has become the norm for the younger age groups.
Managing Director of Skipton International, Jim Coupe said, ‘We’ve had a lot of interest from Hong Kong and Singapore for our British expat buy-to-let mortgages. There is a recognition that rental prices are continuing to rise in the UK, and if you buy outside of London there are some good yields available, which added to the long term price inflation of property, is an attractive prospect to many expats.’
Skipton launched their range of Buy-to-Let mortgages for British expats last year and has since extended its offering to retired British expats. As an offshore bank, based in Guernsey, Skipton has been serving British expats across the globe for nearly 20 years with their range of competitive savings products. They launched the mortgages in response to the difficulties expats can face in obtaining a suitable loan and includes a mortgage calculator on its website (www.skiptoninternational.com/mortgages/expat) to show how much you might be able to borrow on a property.
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Skipton International offers a range of offshore savings accounts and is one of the Channel Islands’ leading mortgage lenders.
In 2014 Skipton International launched a range of mortgages for British expats looking to purchase a Buy-to-let property in the UK.
For more information on Skipton International please visit www.skiptoninternational.com