Brits looking to emigrate may have problems selling their UK properties

If the pandemic is your motivation for making a new life as an expat, selling your UK home may not be as rewarding as you need due to the virus’s projected negative effect on British house prices.

As if the virus itself wasn’t providing enough of a doomsday scenario, its likely effect on not only house prices but also the likelihood of a fall in sales may well scupper your long-term emigration plans. Leading real estate agents in the UK are expecting actual sales to fall by just below 40 per cent along with price drops of three per cent or more. Prior to the pandemic, experts predicted 1.3 million deals in 2020, but have revised their estimates as the numbers of infections and deaths continue to rise.

The bad news isn’t just for those wishing to sell, as the drop in actual sales and the commissions generated are also expected to result in job losses within the sector. Mortgage brokers, removal companies and estate agents themselves are at risk of losing their jobs as a result, with estimates based on the British lockdown lasting for another two months and some 500,000 fewer sales than in the same period last year.

Overall, the message from the government advises delaying sales until the economy is in better shape, advice which won’t sit well with Brits who can’t wait to relocate to warmer and hopefully more settled climes. As regards sales of Brit expat-held buy-to-let properties, governmental advice is again to wait for a while before contacting your estate and/or management agent. Amicable agreement is supposedly the preferred way forward, but for those who can’t wait to cash up and leave, this advice is not likely to be well received.