Investment update: Full of Eastern promise say West London estate agents
China has recently imposed new limits on real estate purchases and loans, coupled with increased property taxes. The moves are sparking a fresh wave of interest in London property, say West London estate agents Winkworth.
While some property speculators have been debating the withdrawal of overseas money from the capital, one country's investors are looking to step up the amount of money they pour into international property markets, with London a favourite location.
Chinese language newspaper Want Daily has recently reported on the government-led changes to China's property market, which has seen a limit imposed to property loans and purchases, as well as a hike in property taxes. The latest figures show that overseas property investments during the first quarter of 2014 increased 25% year-on-year, with Chinese institutional investors upping their spend by 80% since 2013. Indicatively, most of the investments were made in Britain, Australia and the US. Areas singled out as favoured destinations among Chinese buyers include Kensington, South Kensington, Belsize Park, City of London, Highbury and Hampstead.
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Juwai.com went on to analyse data from some of London's leading Central and West London estate agents, and concluded that Chinese buyers are currently buying 27% of London's new homes, accounting for 17% of the total value of all residential property transactions in the capital. Of the property purchased, 60% was earmarked as an investment. That figure has, in turn, boosted the number of flats to rent in West London as Chinese investors look to capitalise on short-term yield gains and long term property price appreciation.
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