New research from construction consultants McBains Cooper has shown that Asian investors made up close to half of the value of the largest property deals since June 2016.
From the forty-one deals that were worth £100m or more, £5.3 billion of the total £10.9 billion that had been spent had come from seventeen buyers from Asia. From the continent, thirteen of them were from Hong-Kong, two were from Singapore and two from China.
Recent high-profile examples of this include the purchase of the colloquially called ‘Cheesegrater’ and ‘Walkie-Talkie’ buildings that make up part of London’s Skyline. Both of these were purchased by Hong-Kong’s CCL Land and LKK Health Products Group respectively.
However, it almost goes without saying that the appeal of the UK property market can be attributed to the current weakness of the pound, which has led to a rise in property purchasing. According to the September issue of the Chesterton monthly residential observer, ‘One in 10 people currently own a second property, of which more than 50% are from the “baby boomer” generation born between 1946 and 1965, with a further 25% coming from “generation X”, born between 1966 and 1980’ and an astonishing ‘One in 79 Britons over the age of 21 is now a millionaire thanks to the rise in property prices’ further highlighting the fruitful return that a property in the UK can yield.
Despite housing prices being expensive, the areas where property has traditionally demanded high asking prices, such as Hammersmith and Fulham, have seen their property value fall by as much as -6.4%. Other areas include Southwark and Westminster, which have seen their asking prices fall between -10% to -5%, despite the latter borough seeing it’s asking price grow by 8.2% in the space of September.
In the face of recent times, London is still proving itself to be more than capable of handling the demands of the world’s elite.
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