Astons, a company known for international real estate, have analysed the nationalities of property buyers at the top end of the London market. With property in Belsize Park holding an average price of more than £1m, these buyers are active in the local area.
The analysis by Astons found that in the prime postcode areas of the capital, the average sold price is just over £1.190m. They looked at 6,438 transactions of this nature so far in 2020. 41% of buyers at this market level are foreign buyers, which means London has welcomed £3.321 billion from overseas property buyers.
French buyers are snapping up homes in the capital
The most prominent nationality of foreign buyers of prime London property is the French. 11% of prime property transactions carried out by foreign buyers hails from the French market. This accounts for around £365m in property sales.
Buyers from Hong Kong and the United States of America have also been active in the market. Both these areas account for 9.2% of foreign property purchases in London, and the estimated worth of these purchases is £305.5m from each group.
There has also been considerable interest from buyers in China and India. Chinese buyers represent 8.3% of the foreign buyers in the capital while Indian buyers represent 7.3% of all transactions. This means close to £276 million has arrived from Chinese buyers and Indian buyers have spent £242 million so far in London this year.
Know what is happening in the London market
If you plan on selling your home, it is important to know who is a likely buyer. Overseas buyers represent a significant demographic in the London housing market, and reaching this audience is helpful if you are looking to sell your home.
If you are looking to buy property in London, it is helpful to know who your competition is. The number of foreign buyers willing to snap up a home in London places even greater pressure on the market.
At Stones Residential, we know there is significant activity in the London housing market right now. If you are looking for clear guidance or actionable advice, we are on hand to assist you.
Managing Director of Astons, Arthur Sarkisian, said: “Despite the current pandemic, foreign buyers continue to see London as an attractive investment, and this is evident based on the healthy level of transactions taking place and the sold prices secured. This demand is being driven on two fronts. First of all, by the current stamp duty saving on offer, but also in advance of the additional 2% surcharge for non-UK buyers which is due to be implemented in April of next year. We should see this demand remain strong right up until these deadlines at which point the market will return to a more recognisable level of normality.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
