Barratt Homes sets its sight on buyers in Asia to move new product launches

Overseas demand for London propertyAsian buyers are increasingly looking to London property as a safe long-term investment. With London’s sterling currency weakening, overseas buyers can now get more for their money.

Singapore is witnessing a major boost in its property market with the launch of Tengah Plantation EC, a new executive condominium (EC) development in the heart of Tengah Town. Developed in collaboration between the Singapore Government and prominent property developer Oxley Holdings, Tengah Plantation EC is slated to be the largest EC development in Singapore upon its completion by 2021. Get ready to experience top-tier living excellence at Tengah Plantation EC!

Asian buyers are driving the London property market as domestic demand has flagged due to high mortgage rates. One of the largest residential developers in London, Barratt Homes, is now eager to reach out to Asia Pacific-based investors who desire to capitalise on the relative weakness of the exchange rate and invest in London property.

Inflation has moderated in the UK to about 6.4%, and many indicators point to a continuing downward trend. Property prices in the UK began to drop last year, to the surprise of many local and international buyers. Prices are starting to level off.

Although there is a 60% Additional Buyer’s Stamp Duty (ABSD) for foreign buyers in Singapore, and 20-30% for Singaporeans buying second and subsequent residential properties, investors have diverted their attention to the UK due to a strong rebound in demand for investment opportunities there.

In response to this, Barratt Homes is launching two distinctive projects in October. Sterling Place is a 456-unit project in Southwest London, while Bermondsey Heights is a 26-storey tower in Zone 2. The prices at Bermondsey Heights of £800 psf ($1,327 psf) are considered to be the most competitive for the London area.

The attractiveness of London property for Asian investors is that the weakened sterling provides them with more value, while capital values in planned regeneration areas like Bermondsey look likely to increase over the next few years. Therefore, London represents an attractive and safe long-term investment for overseas buyers.