Indians buying UK property may have to pay 1% more to control prices – UKMALAYALEE

Indians buying UK property may have to pay 1% more to control prices

Thursday 14 February 2019 2:24 AM UTC

LONDON Feb 14: Indians have emerged among top foreign buyers of property in the UK in recent years, but the Theresa May government is planning a new surcharge on such buyers in a bid to control a rise in property prices.

The falling value of the pound in recent months and years, combined with easier Reserve Bank of India (RBI) norms on buying property abroad, has led to a rise in the number of Indians buying flats and other properties in London and other areas in the United Kingdom.

Several London-based property agents have highlighted research and figures that show Indians among the top foreign buyers, besides Russians and Chinese.

Foreigners buying property in the UK is considered one of the key reasons for the rise in property prices to the point that not many UK residents can put down the basic deposit needed for a mortgage to own property.

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