Welcome to London: A surge in overseas investors buying property in the UK
London is the home of many things. One could argue the city is a major financial hub, home of the greatest shopping in the world (Oxford Street, Regents Street), fantastic selection of football, eclectic population, and overall a strong, modern and vibrant city. Barring the recent riots, London is not doing too badly. It is therefore no surprise that billionaires from across the world are flocking to buy up our prime real estate. Welcome international oligarchs, multi-millionaires, millionaires and friends!
Across prime real estate in the capital, 27 per cent of property buyers in the last 5 years have been from overseas. Many of the purchasers have set up shop in London, becoming permanent residents in the capital. According to Property-Report.com, the forecast is for London to continue to attract international property buyers, especially with one eye of the Olympics prize in the coming year. The global event could make that mansion purchase a little more appealing and mouth-watering for the discerning international property buyer.
Among big players across the rich list database and the world’s wealthiest individuals, approximately 3.3 billion pounds is pumped into London’s economy as a result of property purchases in the capital. Residential real estate in London appears to be their chosen destination.
According to property-report.com, ‘‘Although the number of overseas buyers may fluctuate over time, we have not seen, since the 1960s, a time when foreigners have become net dis-investors in the capital.’’ This still accounts for the recession period, as more foreigners bought property in London than sold. Interestingly, new real estate is available on the market to international property buyers as a result of UK based nationals leaving the best areas of the capital rather than new real estate in the most valuable areas being built.
If you are looking to make an international money transfer to buy property, why not check out our comparison tables for the best foreign exchange deals on the market!