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Overseas buyers spend £2.2bn on new London property

paulajohn
Written By:
paulajohn
Posted:
Updated:
17/01/2013

Overseas buyers purchased

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 in the capital, 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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