Chinese buyers flock to purchase homes in London

News Category: Industry News

London estate agents say Chinese investors are flocking to the capital eager to buy and one has had to recruit Mandarin and Cantonese speakers.

In China, domestic policy restricts buyers to owning just one property.
 
Nigel Seabridge, divisional director of Felicity J Lord, which has ten offices across London, said: “We have had to recruit additional specialists who speak Mandarin and Cantonese to cope with the demand.
 
“One of our sales negotiators, Naomi Mingeshi, who speaks both languages, is currently out in China meeting a number of major Chinese investors.
 
“Many are investing in the London property market with the expectation that the sterling exchange rate will rise in the near future and also that the significant business opportunities created by the 2012 London Olympics will create asset appreciation.”
 
John Saville, regional director of sister company Spicerhaart’s land and new homes division, said: “Over one-third of our sales in new developments this year have been to Chinese buyers, mainly from the Chinese mainland and Hong Kong.
 
“The appreciation of the yuan by 32% in the last two years means Chinese buyers can acquire foreign assets at bargain prices. 
 
“With London known as the base for some of the UK’s best universities, we have also seen a trend for Chinese buyers purchasing property for their children whilst being educated in the capital.”

John D Wood has also reported a surge in Chinese buyers, and Curzon Property Investment, which acts for purchasers, says the number of Chinese people looking to purchase here has helped inflate London house prices.


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