Prime property in the English city of Oxford has been attracting increasing interest from international buyers to the extent where now four in ten buyers are from outside the United Kingdom – and Singaporean buyers are leading the way.
Property consultancy Knight Frank’s Oxford office has reported sales to 13 nationalities during the last 12 months as buyers are drawn to the city because of its reputation as a cultural hub, its thriving technology sector, the outstanding education on offer and the lure of the University colleges.
Damian Gray, partner at Knight Frank and head of the Oxford office, told PropertyGuru, "We’re seeing quite a mixed bag of buyers. If one wanted a league table [of buyers’ nationalities] it would be Singapore at the top, with China and Japan following. These buyers were looking for investment houses, either new or completely refurbished, in sought-after roads that are within walking distances of the best schools. They’re looking to spend a minimum of £1million (S$1.96 million)."
Property in the UK has continued to attract the interest of Singaporeans, although more buyers and investors are starting to venture beyond London. Gray said, "London is not the only city to see a dramatic influx of foreign buyers. The UK is still internationally perceived to be a safe economy and, combined with a weak currency, has seen a significant increase in foreign buyers in Oxford over the last year."
Knight Frank is now providing an interpreter as part of its business, and Gray added, "If they see something they like and it adds up, they make very fast decisions and look to close a deal quickly with little borrowings."
Having historically weathered economic storms very well, Oxford has always been a popular choice for domestic and overseas buyers. However, in the last two years, Knight Frank’s Oxford office has seen sales to international applicants rise by 50 percent, with the strongest demand for houses valued at over £2.5m (S$4.92 million) and a marked increase in buyers from Asia and Russia.
Gray added, "We have recently sold three properties to buyers from Asia. In one instance the buyer was only in the country for a limited period of time so we took them on a tour and by the end of the day they had bought. As well as being attracted by the excellent schooling and arguably the most famous University, other factors that appeal to Asian buyers include the growth of innovative technology companies and the large number of teaching hospitals. Shopping also comes into the equation."
The city of Oxford, about 60 miles north-west of London, has often been described by overseas buyers as ‘London without the edges’. Gray concluded by saying he cannot see this perception changing and it will be extremely interesting to see what will potentially be a far more diverse city population in 5 to 10 years’ time.
Andrew Batt, Regional Group Editor for PropertyGuru, said, "There’s a lot more to UK property than London, and more Singaporean buyers are starting to discover that. Cities like Oxford and Cambridge are naturally attractive because of the Universities; however we can expect to see more Singaporean buyers looking outside the capital as prices continue to rise."
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