The UK’s property market remains an attractive prospect for overseas investors, Carter Lemon Camerons’ real estate partner Rufus Ballaster has said.
New research has revealed that since 1999, offshore companies have bought over £150billion worth of property across England and Wales.
Around 73 per cent of these deals (£112.5billion) were tied to residential premises, with investors in South East Asia and South Africa among those expanding their portfolios in the UK.
Land Registry figures reveal that London remains the most popular choice for foreign buyers. In one of the city’s street, no less than 149 homes are now owned by offshore companies.
The increased demand among overseas investors has led to developers seeking new ways to meet their requirements.
This may in part explain one of the other trends in the capital’s property market, namely the number of former commercial premises which are being converted into residential dwellings.
This process was made easier when planning rules were temporarily relaxed two years ago, meaning that full permission was no longer required to convert office space into housing.
There is some uncertainty as to whether the Government will renew this scheme when it comes up for review in 2016.
A study released earlier this year found that 11m sq ft of office space had been earmarked for residential use since the change in the rules.
Last year alone, 6.8m sq ft was allocated for conversion, which is an area equivalent in size to the entire office market in Oxford
Carter Lemon Camerons has in-depth expertise in all commercial real estate transactions including developments of commercial property and acquisitions and disposals of city office blocks and multi-let buildings. Whatever the size of the deal we advise on every stage of your transaction to meet your goals. For more information, please contact Rufus Ballaster.