Cosmopolitan Country Living
The last decade has seen radically improved communication links, redrawing the map for international buyers seeking out the UK's finest properties. Vast technological advances together with the increased ease and frequency of flying, has resulted in those who might previously have restricted their property search to London, able to consider a wider pursuit.
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What's more, prime homes in the UK have become attractive to buyers from overseas in the recent wake of the 2016 Brexit vote, as the weaker pound has advocated discounts to holders of major currencies, thus potentially offsetting recent increases in Stamp Duty Land Tax which may have previously dissuaded buyers.
According to Knight Frank's Paddy Dring, one trending factor to shape an international client's search is schooling. "The quality of a UK education is recognised worldwide, so more often than not, this is the starting criteria. Properties situated near to well-regarded private schools are constantly in demand and command premiums as a result." This is frequently seen in the Home Counties as the area also offers easy access to London and Heathrow - a vital link for overseas commuters, allowing international owners to be able to enjoy more time at their country home. Paddy Dring says "Ten years ago a property may have only been used for a few short stays during the year, however now it can be more easily used as a base for both work and family life, it could be occupied throughout the year."
With so many properties sold to international buyers serving as second homes, the ability to lock-up-and-leave can be an important factor. Surrey's private gated communities are sought after for this reason, as they offer accessibility yet high levels of security in equal measure.
The overall depiction is that activity from overseas buyers in the UK's prime country property market, particularly within easy reach of London, remains robust. Purchasers from the Middle East, Asia, Scandinavia and the US are some of the most active buyers and looking ahead to the rest of 2017 and beyond, we foresee the marketplace to be on stable footing as the UK continues to be recognised as an island with strong economic credentials.
"With 417 offices in 58 countries, Knight Frank Is uniquely positioned to help international buyers locate their ideal home," says Dring. "And for those with their sights set on the English countryside, now is the ideal time to start the search."