Mortgage News
Overseas buyers spend £2.2bn on new London property
Overseas buyers purchased £2.2bn worth of new-build property in central London in 2012.
According to figures revealed by top-end estate agent and property consultancy Knight Frank, that is a £400m rise on the total of £1.8bn figure for 2011.
Purchasers of new-build homes in the capital represented 52 nationalities, with the most active overseas buyers coming from Singapore (22 %), Hong Kong (16%), China (5%), Malaysia (4 %) and Russia (3%).
Knight Frank attributes the rise in purchases to investment opportunities, the relatively weak pound and London’s education opportunities – a third of new-build buyers have children studying in the capital.
Gráinne Gilmore, head of UK residential research, said: “International interest in London property is not a new phenomenon, but the economic and financial changes since 2007 have created a fresh model for overseas investment in new-build property.
“Agents report that the appetite for London property remains strong, and there is an increasing interest in London property from a widening range of overseas buyers, especially some emerging economies where economic growth has remained robust during the downturn.”
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