Asian investors are flocking to buy both residential and commercial UK property, despite the uncertainty surrounding Brexit and the General Election.
According to Savills, Asian investors injected £4.5 billion into central London’s office market by the end of November 2016, accounting for a third of 2016’s total – much higher than in 2015.
Further research shows that Asian investors accounted for 28% of all transactions in the UK property market in 2016 – up from 17% in the previous year.
Most of this Asian wealth is coming from China, which has been one of the biggest investors in UK property in the past year, capitalising on the weak pound and economic uncertainty caused by Brexit.
It is not just London that is benefiting from Asian investments as Property investor Peter Armistead, of Armistead Property explains,
“There has always been a strong Chinese base in Manchester. Brexit hasn’t worried them at all. In fact, they see it as a positive that the UK is leaving Europe will therefore be more open to other trading partners.
“Manchester City Council is doing a great job encouraging growth and granting planning permission. Almost every week, a huge development is given the green light. The city is undergoing some massive changes. There is a real buzz both in the media and locally, and estate agents are selling everything they get their hands in the city.”
This may not be brand new news for some, however, I think the figures talked about are extremely interesting and encouraging. The property market will obviously have to continue to overcome various hurdles in numerous market sectors. Moving forward the UK needs to continue to attract the ‘correct’ foreign investments which will no doubt help maintain essential confidence levels in the market.
While London remains a strong pull for Asian investors, many are turning to the Northern Powerhouse, particularly Manchester, where they’re finding affordable property and excellent yields. “Manchester City Council is doing a great job encouraging growth and granting planning permission. ..''