Real estate is a significant feature of the
economy of the United Kingdom
The economy of the United Kingdom is a highly developed social market and market-orientated economy. It is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power pa ...
, and regulated according to Scottish and
English land law
English land law is the law of real property in England and Wales. Because of its heavy historical and social significance, land is usually seen as the most important part of English property law. Ownership of land has its roots in the feudal ...
. The real estate market in the United Kingdom is the largest or second-largest in Europe (after Germany) depending on the method of measurement.
The commercial real estate market in the UK has a market size of around 250billion
euro
The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
s.
[ Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014).]
Chinese interest
For a few years, Chinese developers and investors more and more have seen that the UK government gives support and encouragement to these projects, making London seem like the ideal area when looking at European markets for higher returns and strong growth. Hoping to aim for the desire and need of being seen as a hub for diversification and safety in the eyes of its investors, which is a successful venture considering its political and economic stability. Elections and other political events that occur regularly have a small impact on the legal system. After the UK accepted seven different Chinese banks, the government was eager to show their support by being the first outside of China to issue Renminbi Bonds
The renminbi (; symbol: ¥; ISO code: CNY; abbreviation: RMB) is the official currency of the People's Republic of China and one of the world's most traded currencies, ranking as the fifth most traded currency in the world as of April 2022 ...
and reflect the commitment of Chinese investors to the UK market. International standards, of which the Chinese have a thirst for knowledge, and a strong growth profile are also key attractions of the UK market.
The Brexit
Brexit (; a portmanteau of "British exit") was the Withdrawal from the European Union, withdrawal of the United Kingdom (UK) from the European Union (EU) at 23:00 Greenwich Mean Time, GMT on 31 January 2020 (00:00 1 February 2020 Central Eur ...
referendum and the corresponding fall in the value of the pound has given new impetus to Chinese buyers of British property. Growth in enquiries into UK property have jumped 60% over the prior 12 months. In related research, The Times
''The Times'' is a British daily national newspaper based in London. It began in 1785 under the title ''The Daily Universal Register'', adopting its current name on 1 January 1788. ''The Times'' and its sister paper '' The Sunday Times'' ( ...
found that more than 93 per cent of flats in one of Manchester's biggest housing developments have been bought by foreign residents or companies registered overseas.
Online real estate market
UK has a booming online real estate market which is dominated by portals which list properties for buyers and sellers and work with agents, charging them for their inventory. While the online real estate landscape has been changing over the years, new models have been introduced which focus on a freemium approach, not charging agents anything for listings but making money from selling add-ons and leads.
Moreover, UK's real estate portals are pushing the boundaries by adapting to the latest technological advances. Virtual reality
Virtual reality (VR) is a simulated experience that employs pose tracking and 3D near-eye displays to give the user an immersive feel of a virtual world. Applications of virtual reality include entertainment (particularly video games), edu ...
, which is more prominent in video games
Video games, also known as computer games, are electronic games that involves interaction with a user interface or input device such as a joystick, controller, keyboard, or motion sensing device to generate visual feedback. This feedbac ...
, was accommodated by real estate listing portals to highlight the possibility of touring properties remotely. Furthermore, UK real estate developers even started to allow customers to walk-through apartments even before they are built.
See also
*English land law
English land law is the law of real property in England and Wales. Because of its heavy historical and social significance, land is usually seen as the most important part of English property law. Ownership of land has its roots in the feudal ...
* Housing in the United Kingdom
References
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