Jan
18

Overseas buyers hungry for London new-build

The FT reports that overseas investors’ appetite for London property sharpened in 2012, as foreign buyers poured £2.2bn into new-build homes, up from £1.8bn in 2011.

Singapore and Hong Kong led the field, with a 23 and 16 per cent share respectively of the central London new-build market, research by Knight Frank, a property agent, showed.

British buyers remained the largest group in the new-build market, accounting for 27 per cent of transactions last year, roughly similar to 2011 levels. But the number of other nationalities buying “off-plan”, or before a property was built, in London rose from 43 to 52, Knight Frank said.

London’s position as an international financial centre, as well as its schools and universities, were key factors attracting foreign buyers.

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