Asia-based buyers and investors are already looking far
beyond London for their U.K. property purchases and
investments.
Singapore has seen a growing number of non-prime
Central London investments being offered at overseas property
exhibitions in the city-state this year, and now one London agent has
shared his experience of a growing trend of buyers looking far beyond
London for their U.K. property investment.
"Although London
remains their main focus, there are tentative indications that they are
beginning to become interested in U.K. regional cities," said Robert
Fraser, Founder and Managing Director of the London-based Fraser &
Co real estate agency.
His company holds regular new-build residential property exhibitions in Asia.
"To successfully sell to Asian buyers, developers need to make sure they sell the right product in the right way," he told WhatHouse.
Statistics
published earlier this year revealed that one in five buyers of
new-build homes in London came from Singapore, while a further 16
percent were from Hong Kong.
Fraser said that attracting Asian
buyers is a combination of London’s perception as a safe haven with its
political stability, global city status, highly ranked educational
institutions and quality of life. The decline of the British pound has
also made property investments in the U.K. even more attractive.
Singapore
has seen overseas property exhibitions featuring places such as
Colchester, Exeter, Oldham, Chatham and Hitchin in recent months.
Fraser
added: "Chinese home buyer activity has increased dramatically in
Edinburgh, Manchester, Birmingham and Oxford, according to a Chinese
international website. Yet, this interest outside the U.K.’s capital has
not yet translated into sales."
"In terms of product, Asian buyers
find new-build properties significantly more attractive, as maintenance
for these tends to be very low, finishes tend to be highly specified
and additional services such as concierges, security and on-site bars
and restaurants make these properties ideal for short stays."
"Asian buyers also prefer smaller units, studios or one-bedroom apartments, as the yields tend to be greater," he concluded.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote
this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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