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tle-Known Facts about UK Real Estate The UK real estate market has always been an interesting topic of discussion among property investors, homeowners, and property hunters. It’s a market that is constantly evolving and changing, full of surprises and hidden gems. In this article, we present some of the lesser-known facts about UK real estate that you may find fascinating. 1. The UK has the smallest homes in Europe The average-sized home in the UK is a mere 85 square meters, making it the smallest in Europe. In comparison, the average-sized home in Denmark is over 130 square meters. This is an interesting fact to consider when you think about the high price of real estate in the UK. Small homes are a part of the British culture and a reflection of the country’s history and class structure. 2. The world’s most expensive street is in London If you’re looking for a home in one of the most luxurious and expensive locations in the world, look no further than London’s Kensington Palace Gardens. Often referred to as “Billionaires' Row,” this exclusive street is home to some of the wealthiest people in the world, including billionaires Roman Abramovich and Lakshmi Mittal. The average property price on this street is an eye-watering £33 million. 3. The Queen doesn’t own Buckingham Palace Contrary to popular belief, Buckingham Palace, which serves as the official residence of the Queen, is not owned by her. Instead, it is owned by the Crown Estate, which manages the monarch's real estate portfolio. The Queen is, however, allowed to use the palace for official purposes. 4. Buy-to-let has become less profitable Over the last few years, changes in tax legislation and stricter regulations have made buy-to-let investments less profitable. Landlords are now faced with higher taxes and tougher mortgage lending criteria. Since 2017, landlords have been unable to claim tax relief on their mortgage interest, making buy-to-let investments less appealing for many people. 5. You can buy a Scottish island If you’re looking to escape the hustle and bustle of city life, why not buy your own island in Scotland? Scotland has more than 790 offshore islands, some of which are uninhabited and up for sale. You can find remote and stunning islands such as Tanera Mor, Eilean Shona or the 8,500-acre Isle of Jura up for grabs. Prices range from a few hundred thousand pounds to several million. 6. Scottish properties are sold through blind bidding When a property is put up for sale in Scotland, buyers are invited to submit bids by ballot or sealed envelope. This system, known as “blind bidding” is unique to Scotland and helps to ensure that buyers are not competing against each other in an open auction, which can drive up prices artificially. It also means that buyers can only make one bid, which forces them to put forward their best offer from the start. In conclusion, the UK real estate market has many surprising and little-known facts that may amaze you. From the world’s most expensive street to the opportunity to buy a Scottish island, the UK offers a unique and diverse range of property investment opportunities.
