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Moving Abroad? – Things To Know Before You Go

Moving Abroad? – Things To Know Before You Go

British Citizens Warned To Plan For

The Unexpected When Moving Abroad!

The Foreign and Commonwealth Office (FCO) has issued a checklist for British citizens planning to purchase property, retiring or moving abroad.

Buying property overseas can transform the lives of many property investors, but buyers are warned to take independent advice before completing any overseas property purchases and moving abroad.

FCO staff last year helped a number of British expatriates with a variety of issues, with many people facing heavy fines, financial ruin or finding themselves on the wrong side of the law because they were not fully prepared.

These cases involved issues such as property disputes, bankruptcy caused by changes in personal circumstances, pension complications and unexpected health issues.

A recent FCO report also suggests that high hospitalisation and death rates occur in areas where large numbers of elderly British nationals reside, notably in Europe and South East Asia.

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More and more young adults are still living with their parents, unable to afford to rent or buy property of their own according to the Office for National Statistics.

Last year, the ONS say nearly three million adults aged from 20-34 were living with their parents, an increase of 20%, since 1997, that’s an increase of almost half a million people!

The rise comes despite the fact that the number of people within this age group has barely changed.

Altogether, 64% of men, almost two in three, aged between 20-34,  now lives with his parents, and so do 46% or nearly half of all women in the same age bracket

However, by age 34 there is a rapid change of circumstances, with only 7% of men and 2% of women still living with their parents.

David Orr, National Housing Federation chief executive, blamed the rise on the lack of affordable homes, saying: “The options are severely limited and out of reach for many young people. Much more needs to be done to tackle this country’s dire housing crisis.”

The average age of the UK first-time buyer is now 30, according to research from Clydesdale and Yorkshire banks, but varies considerably across the UK: for example, 28 in Yorkshire, but 36 in Wales and 33 in London.

According to LSL’s latest index, the average monthly rent across England and Wales is now £709 – 2.4% higher than in 2011.

The UK property market looks set to be boosted by overseas investments as the Singapore government announce their intention to target London with a £200 Million (GBP) fund.

The small investment fund of the Government of Singapore Investment Corporation (GIC) represents further investment in a UK property market that has become increasingly popular with foreign buyers.

Sovereign wealth funds and other investors from Asia accounted for 30% of all commercial property deals in the UK capital in 2011 and GIC already owns a stake in Kent’s Bluewater Shopping Centre.

The Singapore group will now work with London-based investment manager Orchard Street Investment Management, whose chairman, Chris Bartram, said it will look to spend between £15 – 50 Million (GBP) on 15 commercial properties targeting office, retail and industrial sectors.

the number of empty UK properties still increasing

The Number of UK Empty Properties Continues To Rise

Despite campaigns from all quarters of the media and industry bodies, the number of empty homes in the UK increased significantly in 2011, new research has shown.

Data from the Communities and Local Government department, (CLG),the Office for National Statistics, (ONS), and Halifax’s own housing statistics database, the study revealed a 1.8% rise in empty residential dwellings.

According to the Halifax Empty Homes survey, which takes into account all private and public empty residential abodes, including those that have been vacant for under six months – leapt from the 650,127 recorded in April 2010 to 662,105 for the same period earlier this year.

Despite this trend, the study also revealed some more positive movement, with the amount of long-term empty private homes, those that have been without occupants for at least 6 months, dropping to the lowest levels since 2008.

These properties account for 44% of all empty residences, underlining the significance of the improvement.

It was shown that April 2011 that there were 292,313 examples of this kind of home, which represented a 1.1% decline on the 295,519 reported in the same four-week period 12 months earlier.

Stephen Noakes, Mortgage Director at Halifax,(a division of Bank of Scotland), said: “The findings show the considerable impact empty properties can have on the overall housing market, claiming it is therefore necessary for action to be taken to address the issue. Long-term empty homes account for about 1.6% of all private homes in England. And at a time when first-time buyers are still facing numerous obstacles to getting on the ladder, it is imperative we look further at the issue as an industry.”

The issue of empty homes that are fit for purpose remains a particular problem in a number of areas across the UK, where the proportion of void occupancy is double the national average. Even the UK’s Private Rented Sector is not unaffected. Landlords with properties requiring substantial improvements are lying empty due to the current lack of available finance.

UK property owners and landlords are reminded that they should have appropriate <a href=”http://www.legal4landlords.com/insurance-services/”>insurance</a>, in order to protect their property assets. However, that insurance may still be invalid if the property is unoccupied for a lengthy period of time (see the small print) and specialist insurance may be required.

<a href=”http://www.legal4landlords.com/”>Legal 4 Landlords</a> offer <a href=”http://www.legal4landlords.com/insurance-services/”>Un occupied BTL</a> insurance for Buy To Let Landlords with empty properties.

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