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Realistbear

Foreigners Are Now Driving The New H P I Wave

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http://www.24dash.com/news/1/9715/index.htm

Foreign buyers 'fuelling' UK property price rise

Back to Social Housing

Publisher: Keith Hall
Published: 26/08/2006 - 11:45:18 AM print version Printable version
London remains the favourite for international buyers
According to research published today, foreign buyers are playing an increasing role in fuelling the top end of the British property market.
London was the ultimate property hotspot for international house hunters able to pay more than £2 million for a family home.
Half of property sales in the £2 million to £4 million bracket in the past 12 months were to foreigners
, according to research by Knight Frank.
High-profile buyers have included Chelsea owner Roman Abramovich who has properties in two of the most prestigious locations, Knightsbridge and Belgravia.
The property company said its research showed more than half of London's "prime" property was taken by foreign buyers, compared with 34% in New York, 27% in Paris and just 13% in Hong Kong.
Overseas buyers also dominate the market for homes above £4 million, with more than
60% of all transactions
leaving property in foreign hands.
But the money is not staying in the capital, with some buyers overflowing into more rural areas where they are snapping up prime country houses.
The Home Counties of Surrey and Berkshire have proved particularly popular with Russian, European and Middle Eastern buyers.
:ph34r:
Meanwhile areas such as the South East and West Midlands, Herefordshire and Worcestershire were also experiencing rising demand for country properties.
Knight Frank said there has been a 40% rise in the past year in the number of overseas buyers hunting for a country property in the UK.
Liam Bailey, head of residential research at Knight Frank, said changes in financial regulations in India next year will open up a further foreign market.
"London's position as the emerging global financial centre, a strong tradition of ease of access and open communications, the ability to purchase freehold and the freedom to let property are attractive to international investors," he told the Financial Times.
Earlier this week it was disclosed that a similar trend is taking place across the Irish Sea where almost a fifth of all first-time housebuyers are foreign nationals.
About 50,000 immigrants have moved to live in the State each year over the past four years, the Irish Mortgage Corporation said.
The largest proportion of buyers were Asian, including people from India, the Philippines and Pakistan.

We can trust NuLabout to look out for our best interests....can't we? :blink:

Basically, this article is propaganda and anotherf attemtp by the EAs to start a mini-boom. The recession is coming and they are scared.

Edited by Realistbear

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The more a market relies on speculative money the more at risk it is from corrections and destabilising shifts in the future. London has the most expensive real estate on earth together with an arguably overvalued £.

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The more a market relies on speculative money the more at risk it is from corrections and destabilising shifts in the future. London has the most expensive real estate on earth together with an arguably overvalued £.

Smacks of Tokyo '89 then.

My what fun we'll have.

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All those immigrants i pass everyday picking strawberries must be earning a fortune :rolleyes:

I think we're talking more of the Russian mafia, oligarch variety here! The strawberry pickers might be good to keep the BTL market afloat for another 6 months though!

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I think we're talking more of the Russian mafia, oligarch variety here! The strawberry pickers might be good to keep the BTL market afloat for another 6 months though!

The strawberry pickers that work in herefordshire aren’t helping the BTL's much, they all live in mobile homes at the strawberry farm!

This year two villages, each of more than 1,700 people, have sprung up without planning permission, sporting 400 or more caravans, leisure centres, football pitches, internet cafes and even saunas

link

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Half of property sales in the £2 million to £4 million bracket in the past 12 months were to foreigners, according to research by Knight Frank.

This really isn't fair! How am I supposed to house myself? Tell me that!

p

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London is attractive to rich foreigners for a number of reasons including the relative stability of the political and economic system, the ludicrously good tax breaks to foreign owners (no cgt, no tax on rentals and so on) and the 'status' value.

It's also good for theatres and shopping.

And prostitutes, apparently.

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There are not immigrants, just international investors. I think UK should do similiar move to Chinese one - just restrict number of properties which can be bought by foreigners.

That shouldbe done long time ago...

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London is attractive to rich foreigners for a number of reasons including the relative stability of the political and economic system, the ludicrously good tax breaks to foreign owners (no cgt, no tax on rentals and so on) and the 'status' value.

It's also good for theatres and shopping.

And prostitutes, apparently.

I thinkthey are liable to CGT and to tax on rentals. They may not be domiciled here or resident but they are earning an income ie rent. As for CGT Ibelieve they are liable as its not their PPR otherwise evryone would set up foreign companies and buy their property using that. Of course it all depends on the Revenue catching them.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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