DURING the start of this year, the United Kingdom property market saw its strongest growth since the past four years, as reported by UK property website Zoopla.com.
This, according to the website, was due to last December's UK general election results, which elevated general public confidence.
And while sentiments and sales were high in January and February, the rising whispers of the novel coronavirus, dubbed Covid-19, began infiltrating the country and precautionary measures were set up at Heathrow Airport.
Then on the evening of March 23, Prime Minister Boris Johnson announced a three-week restriction on movement, much like our Movement Control Order (MCO) and that had an immediate effect on how home-buying Britons make decisions, as Zoopla recorded a significant drop in browser sales.
But since the UK property market reopened on May 13, sales are rebounding with Reuters reporting that housing prices have hit a 10-year low, based on a survey by the Royal Institution of Chartered Surveyors on June 11.
The news agency shared that there were rising signs of confidence returning to the market after the government lifted its pandemic lockdown for buyers and sellers.
This presents a great time for Malaysians who have yet to invest overseas and were waiting for the right chance to enter the UK property market.
The current situation offers a unique opportunity as UK property prices are usually quite high.
Completed London properties appeal
Buying into completed, existing properties within the London area means you are able to enjoy immediate rental income with good yield in rentals.
Moreover, within London itself, the rental void period is relatively short lasting from two to four weeks.
As an investor, you will also save more thanks to the low British pound currency rate at the moment, coupled with the fact that the pandemic has created a situation where the interest rates are low for mortgages.
In addition, Malaysian investors qualify for the personal income tax allowance of approximately £12,500 (about RM67,000) per person per tax year. If your UK rental profit is below this for the tax year, you do not need to pay UK tax.
As a non-UK resident, you will also be able to save two percent on stamp duty surcharges if the property purchase is completed before April 1 next year.
Furthermore, the UK Government just announced on July 8 that the reduced rates for the new temporary Stamp Duty Land Tax is applicable for residential property purchased now and complete before March 31 next year, which is very encouraging news.
Some of the properties that offer good value to Malaysians investors include these completed and near completed properties by developer EcoWorld Ballymore, which are set within London.
London City Island
Linking the secondary central business district of the Canary Wharf and the pulsing heart of east London is the newly realised island neighbourhood of London City Island.
Envisioned as the most important waterside project in London in recent times, this completed development has since won the RESI Award for Development of the Year in London and the Best New Place to Live award, to name a few.
This new East London cultural hub, which is in Zone 2, is home to the English National Ballet School, the London Film School as well as art galleries and more, which makes it a beacon for art and cultural aficionados.
It offers amazing views along the River Thames as well as a range of cafes, shops, restaurants and cultural facilities, not to mention easy accessibility to the Underground, DRL and Crossrail transport links.
It lies close to London City Airport and you can easily sidle down to Bond Street in just 20 minutes.
London City Island is envisioned as the most important waterside project in London in recent times.
Embassy Gardens
Located within the Nine Elms, the central London riverside neighbourhood of Nine Elms, is Embassy Gardens.
A completed development that has a distinctive architectural style, it houses apartments set within landscaped public squares, parks and spectacular gardens. Embassy Gardens is also the latest address for the US Embassy, with the Battersea Power Station nearby and the Pilmlico just across the river.
Some of its notable amenities are the private Eg:le club, which has its own library and gym, the famous Sky Pool - the world’s first “floating” swimming pool - and a spa, cinema and business facilities. These include a glittering array of F&B outlets and an 18,000 sq ft Waitrose grocery centre.
This Zone 1 landmark also hosts incomparable on-site amenities and facilities with well-connected transport links, which takes you to Victoria and Waterloo in just three and four minutes respectively.
It will also link you to the London Bridge in just nine minutes via the Northern line extension, by way of the new Nine Elms Station, which will be ready by next year. The Nine Elms station is just a five-minute walk from Embassy Gardens.
Embassy Gardens has a distinctive architectural style, housing apartments set within landscaped public squares, parks and spectacular gardens.
Wardian London (Completing soon on August 2020)
Designed with the highest, boldest design elements that befit a refined and sophisticated environment, The Wardian comprises two residential towers of 55 and 50-storeys and houses 766 units that include suites, one and two-bedroom apartments and penthouses.
Distinguished by its spacious wrap-around balconies and slender profiles, the towers are supported by a two-storey podium as a foundation, which showcases a grand lobby and is bedecked with a pool, as well as restaurant and retail outlets.
And up at its 53rd floor rooftop observatory bar visit London’s highest botanical gin garden.
Located in London’s Docklands district, this up-and-coming riverside development is a mere five minutes on foot to the Canary Wharf and proves to be an ideal rental location for those working within that financial district with its working population of roughly 105,000.
It also has great accessibility to Heathrow Airport, being just 39 minutes away via the new CrossRail stop.
The Wardian is distinguished by its spacious wrap-around balconies and slender profiles of its twin towers.
Those who are inspired to invest in these excellent above-mentioned properties can call EcoWorld International at 03 2116 2525, email ewi@ecoworldinternational.com or WhatsApp 017-5877 009/ 012-623 5503.
