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Tory win will 'unleash' foreign buyers, says agent

A Conservative victory in this week’s general election will “unleash” a new wave of overseas buyers into the London property market, especially from India, according to one estate agent.

Rescorp Residential claims that  over the last five years India-based and Indian-diaspora buyers have become a force in the London residential property market spending an estimated £1 billion in 2014, up from £450m in 2013 and £290m in 2010. 

For £5m-plus homes Indian purchasers are now the second largest overseas buyer group. the agency claims.



These purchases are increasingly for investment rather than personal use apparently - almost 60 per cent of the properties the agency has sold over the last 12 months to Indian buyers has been bought purely for investment purposes, with the majority of these investors originating from Delhi and Mumbai. This is a dramatic changed since 2013, when 70 per cent of Indian clients were purchasing homes in London for personal use.

“Pied-a-terre Indian purchasers are typically from an affluent background and are looking to acquire a pied-à-terre that will complement their busy social calendar. Some are as young as 35 years old, who have family wealth behind them and work in the City of London, primarily in the financial sector. They are typically looking to spend between £1.5m and £3m on an apartment” suggests Rescorp’s managing director Vic Chhabria.

“A win that is favourable towards the property sector is likely to release significant pent up demand and lead to an upturn in property acquisition from overseas investors” he says.

  • Jon  Tarrey

    The Tories are the most attractive party to super-rich overseas buyers and investors? Never.


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