£7bn buying spree from foreign firms

FOREIGN investors have given a massive vote of confidence to the British economy by snapping up £7bn of business premises, estate agent Savills has said.

The firm handled a string of commercial property deals in London during the first half of 2017 – with a record 78pc fuelled by overseas buyers.

Bosses said investors had accepted that Brexit made the future less certain, but still saw the country as a secure place to put their cash.

Successes included the £1.2bn sale of the 737ft ‘Cheesegrater’ skyscraper to a Hong Kong firm, the second-biggest such deal in UK history.

There were ten £100m-plus deals in the capital’s West End and in St James’s Square alone the Chinese bought three properties for £523m. The agent made a £32.4m profit in the first half of the year, up 27pc on the same period last year.

Its biggest growth came in Asia, where revenue climbed 26pc to £263.5m.

It means the region is snapping at the heels of the UK, which saw turnover rise by 7pc to £274.2m. Savills’ sales volumes in London fell 3pc, although the average price was up £200,000 at £2.7m.