This article was produced in collaboration with Benham & Reeves.
The emergence of extensive regeneration projects supported by an uptick in rental demand has driven up property prices and rental yields in London, making it an attractive destination for overseas investors.
Of the £84.2 billion1 worth of properties owned by foreigners in England and Wales, nearly 37% have addresses in London. Hong Kong buyers top the foreign ownership list with 24,759 properties (13.2%), and Singapore follows with 15,752 properties (8.4%)2.
Against this backdrop, we've spoken to Benham & Reeves for tips on identifying the right property agents and valuers for their UK property purchase journey.
Key points:
- Sourcing for property agents and valuers: Consider agents and valuers that you can trust and that speak your language
- Choosing a property agent: Choose expertise that aligns with your goals
- Choosing a valuer: Choose expertise for reliable assessments
- Tips for working with property agents and valuers: Communicate clearly, ask questions, check credentials, evaluate experience, trust your instincts
Ready to kickstart your UK property journey?
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Shortlisting property agents and valuers
1. Look for trustworthiness
Reviews on online property portals can provide valuable insights into the performance of different agents and valuers. However, not everything can come through on the screen. Many buyers prefer getting word-of-mouth recommendations or conducting personal interviews with potential agents and valuers to get a more in-depth understanding of their capabilities and reliability.
2. Look for those who speak your preferred language
It is also beneficial if the property agent or valuer has staff proficient in your local language to facilitate smooth and timely communication. This is important when discussing complex financial and legal matters and prevents misunderstandings stemming from language issues.
How to choose a property agent: A good fit for others isn’t always the best fit for you
A property agent is the cornerstone of a successful property purchase in London, especially for overseas buyers.
Beyond finding properties at your desire location and budget, they can:
- Curate a list of properties based on your property investment and rental yield goals.
- Provide pre-purchase advice and introduce you to a local solicitor or conveyancer.
- Help you navigate the approximately 150 laws about private renting in the UK – estimated by the National Residential Landlords Association.
- Furnish, refurbish, and manage properties on your behalf.
- Help with your tax return forms.
It pays to choose an agent whose expertise aligns with your goals, as not all provide the same breadth of services. While all agents in the UK can help with your property purchase (sales services), only some can help you with rentals (lettings services)3. For added ease, choose an agent that offers a comprehensive range of sales and lettings services.
How to choose a valuer: The cheapest isn’t always the best
When buying or selling property, an accurate valuation will ensure you do not overpay or undersell. The valuation also influences the amount you can borrow, Stamp Duty Land Tax (SDLT), conveyance fees, and other associated property transaction costs in the UK.
For big-ticket transactions such as property, it’s better to work with experienced valuers as they provide reliable assessments that can significantly impact financial decisions and their outcomes. While it may seem more cost-effective to choose a cheaper valuer, the costs could add up if their assessment is inaccurate.
Marks of experienced valuers include those who possess multiple credentials, like extensive experience in the industry and offices in your home country. Affiliations with credible industry and government bodies such as RICS, ARLA and NAEA Propertymark and The Property Ombudsman (TPO) add to their credentials as a trusted partner in the London property market.
Ready to kickstart your UK property journey?
More from the UK property series:
1. Must-know tips for London property investors
2. Up and coming districts to look out for in London
3. A Guide to London Property Pitfalls for International Buyers
4. Investing in UK Property: Your FAQ Guide
5. Taxes & costs in UK Property: Your FAQ Guide
6. Closing the Deal: London Property Ownership
1 Kaylene Isherwood for Buy Association, 27 July 2023. What’s behind the rise in overseas buyers purchasing UK property?
2 Benham & Reeves, 11 May 2023. Hong Kong buyers dominate foreign ownership of homes in England & Wales.
3 Phil Spencer for EstateAgent Today, 10 June 2022. Why sales-only agencies should get into lettings.
This article is meant for information only and should not be relied upon as financial advice. Before making any decision to buy, sell or hold any investment or insurance product, you should seek advice from a financial adviser regarding its suitability.
