Despite its relatively small size, the United Kingdom is one of the most culturally diverse countries on Earth. One of the fastest growing European economies, the UK also boasts of very well developed infrastructure with regard to education and transport. The country is also home to some areas of outstanding natural beauty, such as England, Wales, Scotland, and Northern Ireland.
Overview
“For there is in London all that life can afford.”
- Dr. Samuel Johnson
Home to some of the world’s greatest playwrights, oldest man-made structures, classical educational institutions, and most importantly the English language, the United Kingdom continues to remain a trend setter for the entire world to emulate.
At a Glance
- Living There
A global village of many cultures, the United Kingdom houses a society that is tolerant and respectful of diverse and multicultural lifestyles. The capital city of the UK, London, offers fabulous opportunities for education, travel, and high standards of living. Despite the giant price rides that you may have to encounter, the experience of living in the UK is unique and enriching. All parts of the United Kingdom have a temperate climate, with plentiful rainfall all year round.
- Economy
The fifth largest economy in the world, it is also one of the most open economies of the western world. The current wave of globalisation coupled with political and social stability continues to ensure United Kingdom’s place as Europe’s leading business centre. Sectors such as manufacturing, tourism, and financial services contribute to the steady growth in the country’s economy.
- Politics
The United Kingdom is a constitutional monarchy, with executive power exercised on behalf of the monarch by the Prime Minister and other cabinet ministers. The Prime Minister appoints ministers to government posts, usually from senior members of his/her own party. Although the monarch’s role is mainly ceremonial, the popularity of the monarchy remains strong in the United Kingdom.
Property Information
- Buying Guide & Process
Usually a deposit of 10% of the price of the home is paid to the solicitor at the time of exchanging on freehold contracts, binding the buyer to completing the purchase. On inability to provide the 10% deposit, it is possible to use a ‘deposit guarantee scheme’. Completion of the purchase usually takes place about four weeks after exchange of contracts.
Please note that this information only applies to buying a house in England and Wales. The process is different in Scotland. - Investment Facts and Guide
Its boom time for the UK economy and people are adding more bucks to their bank accounts with the rising house prices. Over 2006, the average price of a UK property has risen in value by around 10%. City dwellers might focus on buying property in London. If you’re a countryside lover, you might head for the Lake District, Scotland, or Wales, or the West County. With great times around for the realty market, now is the best time to invest or freshen up your investment property in the United Kingdom.
- Price
A semi-detached residence in the north would cost you £60,000 (US $121, 740) to $87,500 (US $177,537). The same home in the south east would be estimated at £110,000 (US $223,189) to $160,000 (US $324,639). Bungalows in the south west would range between £80,000 (US $162,319) to $115,000 (US $233). City apartments, especially London can start at £200,000 (US $405,798) to $300,000 (US $608,698). The average U.K house price is now over £90,000 (US $182,609) to $130,000 (US $263,769).
- Rental Yields
The average rental yield in the UK has been estimated at a little over 5%. If we look at London, yields in the central areas would vary between 4.5 to 5.4%. Property in up market areas of London such as Fulham, Richmond, and Wimbledon would rental yields between 4.5 and 5.2%.
Taxation Procedures
- Rental Income Tax
If you let out all or part of a property (including your home), the way you would be taxed on the rent will depend on the type of letting. If you let property abroad, you may have to pay UK tax on the rental income, if you are resident in the UK for tax.
- Capital Gains Tax
For individuals, the chargeable gain is subjected to taper relief (a percentage reduction which varies depending on how long the asset was held prior to its disposal and whether the asset was a "business" asset or a "non-business" asset). Individuals also have a capital gains tax free amount or "annual exemption". For companies, the chargeable gain is calculated as proceeds less cost. Companies are entitled to an indexation allowance, but are not entitled to any annual exemption.
Disclaimer: Property information is subject to constant change. While we have tried to ensure that the above information is true and accurate, we accept no responsibility and disclaim all liability with respect to any change in the figures contained herein. Prospective purchasers should contact a Better Homes International Sales Consultant for up-to-date information.
Fast Facts
- Full Name
The United Kingdom of Great Britain
- Capital City
London
- Area
244, 820 square kilometers
- Population
Over 60 million (app)
- Time Zone
UK Time is in the Western European Time Zone or GMT. Daylight Saving is observed in UK Time, which is shifted forward by 1 hour. After the summer months, it is shifted back by 1 hour to GMT.
- Currency
Pound Sterling
- Languages
English