10 things to keep in mind before buying property post brexit
A lot of questions are rising concerning the impact post Brexit will have on real estate but don’t let the Brexit doom and gloom discourage you: Mark Lawrinson, Regional Director of Portico Property estate agents reveals the key factors you need to consider to make a sound property investment this year.
1. Keep an eye out for big infrastructure projects
Even in a weak or unstable market, areas undergoing infrastructure investment are likely to still experience growth in terms of both rental yield and capital gains. Look at areas being transformed along both the Night Tube, Crossrail line and, in the further future, HS2 to identify long-term investment prospects. For example – Forest Gate, Farringdon and Whitechapel are areas geared up for regeneration and a rise in property prices thanks to Crossrail.
2. Look at the high street as an indicator of an area
The high street is a great indictor of the demographic of an area, and whether the area is in decline or has growth potential. Some of the factors you should consider include – have there been many changes recently? Are shops closing down with no sign of opening or are they closing with new names moving in? Is money being spent by the council to smarten it up?
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3. Are there good schools in the area?
Another great barometer to judge prospects of an area is the schools in the vicinity. As an investor, schools may not be on your list, but London’s population is growing fast and good schools are becoming harder and harder to come by. Therefore, having one in your area is a big bonus.
People rent in these catchments to get their children into a good school, getting you a good return on your investment. Therefore, having one in your area is a big bonus. People rent in these catchments to get their children into a good school, getting you a good return on your investment.
4. A house should be a home
If buying a property to live in, remember it’s a home first and foremost – and an investment second. If you plan to live in the property long-term then you should be shielded from bumps in the market.
As the market in London has shown time and time again, it’s super resilient, so what may happen in the next two years could be insignificant to you if you are still there for 10.