Majority of buyers from overseas
BRITISH buyers are purchasing only just over a quarter of newbuilds in London, with most going to overseas investors looking to take advantage of the capital’s status and stability.
Knight Frank say UK purchasers have a 27 per cent market share. A total of 52 nationalities bought last year, led by buyers from Singapore (22 per cent), Hong Kong (16 per cent), China (five per cent), Malaysia (four per cent) and Russia (three per cent).
Altogether, foreign buyers bought homes in central London with a value of £2.2bn, up 22 per cent from the £1.8bn they spent in 2011. Of those buying last year, one third did so to provide their student children with a base in the city, which attracts a large number of overseas students.