Overseas Property Investors Targeting UK Property Bargains
Overseas Property Investors Know A Bargain When They See One!
There has been a great deal of debate about the impact of overseas property investors and foreign nationals purchasing property within the city of London, driving up property prices and giving the UK housing market a boost.
Foreign property investors purchased up 75% of new residential property developments within the central London area during the last 12 months, although many developers argue that many of these residential properties would not have been built without the up-front cash from overseas property investors.
According to data from Knight Frank, foreign property investors also purchased 49% of all properties valued over £1 Million (GBP) in central London during the same timeframe, and new residential properties accounted for just 20% of these property transactions.
The 10 most expensive post codes in central London are SW1, SW3, SW5, SW7, SW10, W1, W8, W11, WC2 and NW1 had 3,477 residential properties for sale.
70% of these properties were valued over £1 Million (GBP)
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UK Needs To Build Its Way Out Of Recession
The UK Government must do more to help stimulate the country’s economic growth, to boost the supply of new residential properties and build its way out of a potential triple-dip recession.
This is the view of the Federation of Master Builders (FMB), as the latest ONS GDP figures released showed output in the sector rose by just 0.3% in the final months of 2012.
The FMB point out that overall the UK economy shrank by 0.3%, keeping the country still struggling to escape the grip of recession, while there was a small increase in construction output.
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