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TODAY'S OTHER NEWS

Portal data and weak pound help London agent target Chinese buyers

London estate agency Kay & Co says it is targeting Chinese buyers following research data produced by a portal.

The China property portal Juwai says the UK is third - after the US and Canada - in the list of countries being seen as good investments by Chinese property investors. 

Within the UK, London ranked the highest place for investment, followed by Manchester, Birmingham and Liverpool.

Since expanding its outreach to Asia, Kay & Co says it has received a high level of property searches and enquires from the region, rising to almost 400 in the last three months.

“We’ve worked with Chinese buyers for many years, with 17 per cent of our client base coming from Asia, including Hong Kong, Singapore, Mainland China and Shanghai. However, we’re targeting this audience more heavily as many seek to take advantage of  the weak pound post-Brexit, which has improved the proposition of investment in the UK” according to Martin Bikhit, managing director at Kay & Co.

“We’re finding that international clientele are undeterred by the fact that the UK is set to leave the EU. There are great deals to be done, with prices having come down to absorb the cost of stamp duty, making now the perfect time to invest in London” he says.

The firm says areas such as Kings Cross are proving popular with young tech experts seeking new-build apartments near the Google building and the increasing number of technology companies in central London. 

It believes wealthy Chinese students seeking rental properties remain an important audience but that increasingly parents are buying as an investment for their children who are studying in London, particularly those coming from Hong Kong.

“The quintessential British design and traditional houses and apartment buildings are a top draw from our Asian clients who want to own a piece of English heritage” adds Bikhit.

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