The UK property market has been very hot in recent years and many people from around the world are flocking to the UK to buy property. However, many people still do not understand why so many overseas buyers are choosing to buy property in the UK. In fact, this is due to the steady growth of the UK property market. Below I will briefly explain what are the reasons why the UK property market has remained stable?
1. Policy control
In the UK, land planning is very strict and the government pays more attention to land conservation than over-development, suppressing the scale of development in large cities and limiting the amount of land available for development. In addition, the various procedures in the land development process are very complex and strict.
2. Perfect legal procedures
When conducting a property transaction in the UK, both the buyer and seller must engage their respective lawyers to protect the rights and interests of the buyer. The buyer's solicitor will conduct a detailed background check to ensure the legality of the property and the qualifications of the developer, as well as a detailed assessment of the legality of the housing contract and potential risks. Only after confirming that there are no problems will the buyer sign the contract. Throughout the transaction, the solicitor will follow the assessment to ensure the legality and fairness of the whole process.
3. Lawyer's trust account has the function of safeguarding the deposit on the house
When making a down payment, the purchaser is usually required to deposit 10%-20% of the amount into the agent's solicitor's trust account. This is a government regulated account and once the money is in, it is untouchable until the conditions agreed between the buyer and seller and the permission of the purchaser have been met before activating the availability instruction and transferring the funds to the developer.
Development of land in the UK is relatively stable and there are no problems with concentrated influxes of cash or concentrated construction of housing projects. Due to the growing population of the UK, the economy is growing steadily and the government's regulatory policies, the UK property market is experiencing an oversupply of property, as well as the transparency of the UK property market is one of the reasons for this.
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