New research show there has been a spike in the number of British expats living in Australia who are buying a home in the UK.
Over the past 12 months, the number of British citizens living in Australia who are looking to invest in the buy-to-let market back in the UK has risen by 29 per cent, according to Cherry Mortgage and Finance.
One of the main reasons for this is thought to be the increasing price of Australian properties. Sydney, for example, was recently named the second least affordable housing market in the world with prices 13 times higher than the average income.
With currency exchange rates having been favourable since 2016s Brexit.vote, UK property has become an increasingly affordable option for those looking at property as an investment for the future and a way of providing a monthly rental income.
Some may also purchase with a view to one day returning to the UK.
However, some expats may find obtaining a UK mortgage much harder than those who live in Britain. Overseas mortgages are often deemed ‘higher risk’ by lenders – even for expats – so a higher deposit will often be needed in order to secure a loan.
Article published 9th February 2018