10 Reasons Why Hungarians Should Consider Buying a Property in the UK

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Ever wondered if you should consider buying a property in the UK? Here are reasons why it could be great…

The UK has, for some time, enjoyed a reputation as a melting pot of different nationalities, with numerous international communities established across Great Britain.

Despite Brexit restrictions, people around Europe are still keen to seek a better life elsewhere, or simply looking to invest. Investing in property in the UK, is a sure way to invest money and make a profit.

If you’re looking to purchase property in the UK, to create a new home and investment, it’s best to speak to a international conveyancing solicitor. You’ll need all the help and guidance possible to make the transition and move smooth for you and your family.

So, why should Hungarians consider the move to the UK? Let’s delve into detail…

Is the UK a Popular Choice for Hungarians?

One such community is that of people from Hungary. In 2020, it was estimated that there were around 220,000 Hungarian nationals resident in the UK.

A landlocked country in Central Europe, Hungary is known for its mineral spas and its medieval and neoclassic architecture. Its capital, Budapest, which is bisected by the Danube River, is home to 1.756 million people and is a popular destination for tourists.

In parts of rural Hungary, a home can be bought for as little as £10,000 and, in fact, the home ownership rate in Hungary tends to swing between 85% and 92% so why then would a Hungarian person choose to buy property in the UK?

10 Reasons Why Hungarians Are Considering Buying Property in the UK

1. Employment Possibilities

In the UK, particularly in large cities like London, employment is widely available, even for those without any formal qualifications.

While employment levels in cities like Budapest are fairly strong, the decline in agriculture in Hungary means that many people in rural areas struggle to find work. Of course, if they don’t have work, they are not able to buy property.

2. Pay Less Tax

As with other nationalities, many Hungarian people are limited to low paying work. When a Hungarian person is working in his or her home country, they will be subject to a flat income tax rate of 15%, regardless of how much – or how little – they are earning.

In the UK, on the other hand, income tax is not charged on salaries on or below £12,570. For a Hungarian person living in the UK, this means that they get to keep more of their salary and are, therefore, in a better position to buy property.

In some areas of the UK, property can be bought fairly cheaply. For example, in Middlesborough, the average price of a property is just £54,978.

3. More Available Options for Childrens Education

A significantly high number of pupils leave school early in Hungary, often without any qualifications. For those who do finish school , who wish to go onto university, this is not always possible as Hungarian universities charge up to £5000 per year in tuition fees.

As well as UK education being superior to that of Hungary, fees are usually not charged. For this reason, many Hungarian people choose to relocate to the UK for their children’s education stand a higher chance of being accepted into their chosen school, within their catchment area if they own property.

4. Financial Housing Schemes

In some instances, a Hungarian national may qualify to apply for the UK Help To Buy scheme. This is a government initiative open to first time buyers which offers an equity loan of 20%.

This helps UK homebuyers to get onto the property ladder as they need only to raise a 5% deposit and make payments on a 75% mortgage. For Hungarian people on a low income, this offers the opportunity to own their own home, something which may not be possible for them in Hungary.

5. Shared Ownership Scheme for Home Owners

Another UK government scheme which may be open to some Hungarian nationals is that of Shared Ownership. Under this scheme, people on low incomes are able to take that first step onto the property ladder by purchasing part of a property and then paying rent on the rest.