The London property market is booming. Recent indices have suggested that as the rest of the UK's real estate sector stagnates and splutters toward recovery, the English capital is racing ahead in terms of sales, stability and capital growth.
News that the market is catching the eye of international, as well as domestic, buyers should therefore come as no surprise. Knight Frank reports that as many as 60 per cent of new-build properties in central London are now being brought by wealthy Asian buyers, with many drawn to the city's status as the top destination for international property purchases, with strong capital growth potential and stable, long-term investment appeal.
Hong Kong buyers were the largest group (24 per cent), followed by Singaporeans (12 per cent) and mainland Chinese (ten per cent) and then other countries in the region.
Neil Batty, Head of Knight Frank IPM, comments, "Asia is the fastest-growing region for cross-border sales of London property; having established this business with significant success in Hong Kong, Singapore and Malaysia, we are now rapidly expanding into mainland China."
According to Knight Frank’s International Project Marketing team, some GBP 120 million of its London property has been snapped up by Asian buyers in the last two months alone.