East meets West as the rich Chinese power London’s property market

Usually any currency advantage among the Chinese is heralded by a grand shopping spree in London’s luxury goods stores, such as Harrods, Selfridges and Harvey Nichols, but the fluctuating pound is paving the way for purchases of bricks and mortar as well as Balmain and Mulberry

Wealthy Asians are beating a path to Central London’s estate agents, looking to secure properties while the Sterling is on the slide. As this feature highlights, for Asian buyers London property is at its cheapest for a decade, thanks to exchange rates.Here at Lurot Brand – an estate agency specialising in the sale of mews properties and boutique homes – international enquiries represent an increasing proportion of our business. “Wealthy Chinese use a property purchase in London as a demonstration of wealth and status – whether they use a residence as a second home, as a place to accommodate children studying in the capital or as an investment ‘safe house’ to protect against any devaluing of their own currency,” comments James Robinson, General Manager at Lurot Brand.While new build homes bought in an off plan capacity have been favoured by Asian investors in the past, the appeal of heritage homes is growing as they tend to hold their value particularly well. “Our mews houses for sale in prime locations such as Notting Hill are garnering interest among the global buying community” adds Robinson.”The limited stock availability coupled with the exclusive locations means the asset remains valuable even in a volatile market. Unlike new builds, there’ll never be an oversupply of period properties and there’ll always be more buyers for these types of houses than what’s available on the open market, and there lies the appeal.”

Consequently, despite increasing property prices, London property is actually eight per cent cheaper in Hong Kong Dollars than it was in 2007, meaning the current surge in investment is more than likely to continue throughout 2017 and beyond as Chinese buyers snap up London property at the lowest price in a decade.

Website URL: http://www.property-report.com/uk-property-is-still-top-for-chinese-buyers-with-a-few-differences/