London’s biggest housebuilders are increasingly targeting cash-rich Asian investors as the demise of the buy-to-let market in the UK forces them to generate new custom from overseas.
In a sign of the shifting balance of wealth in the global economy, housebuilding companies are taking advantage of the stronger growth in the emerging markets of Asia and the added attraction of weak sterling to sell a third of new homes built in the capital. Last year, 3,061 homes were built in London.
Berkeley Group, London’s largest volume housebuilder, said that of the 2,000 homes it sold last year at an average price of ￡263,000 more than 30 per cent were to buyers in China and India. This compares with a historic average of 10 per cent.
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