A Different Approach to New Home Sales

By Emma C. | Weds 12th April 2023

UK property market conditions have changed substantially in the last 6 months. Factors that have contributed to this are high inflation, the cost of living crisis and all time high interest rates making mortgages much harder to obtain. The Bank of England has increased their base rate 11 times since the end of 2021! The combination of these factors is leaving house buying largely unaffordable for a lot of people, but particularly first time buyers. In October last year, we saw the end of the government’s long running and hugely popular Help to Buy Scheme. The scheme enabled thousands of first time buyers to get on the ladder, without access to this facility many first time buyers are stuck in the rental system, which has contributed to rents increasing in some areas up to 20%...the perfect storm.

Transversely, the pandemic driven stamp duty holiday helped to drive overheating in the market where house prices grew by 10% in a very short period. It is therefore no surprise that the market is now cooling and taking a fall, after the false bubble created by the pandemic compounded by a new lack of HtB.

What is in store for the UK property market for 2023 is uncertain, with the Office for Budget Responsibility and different banks predicting very different figures for the year. We focus on a different approach to New Home Sales at Bmor, taking our schemes overseas to the international investment driven market.

Whilst the GBP taking a drop may have affected Brits spending money abroad, our overseas buyers are getting more property for their money, when it comes to buying in the UK. We have a global network which we have built over twenty years and our buyers are located worldwide in countries such as Hong Kong, Mainland China, Singapore, Malaysia, Middle East, Africa and Europe.

Property in London remains a highly desirable location to deposit capital with international sentiment only buoyed by the weakness of Stirling. Closeness to the major airports with direct flights to those locations and the fast-track residency scheme for holders of a British National (oversees) passport is also assisting with far east demand. Furthermore, property in London remains able to provide consistent capital growth and is home to some of the best education houses in the world making it a popular choice for Chinese students.

Combined, Bmor’s sales team carries over 40 years of experience in New Home Sales, and we have fine-tuned our oversees strategies to ensure maximum net returns with our holistic approach to sales and marketing.