Changes in exchange rates favour buyers from Asia

Buying a new build in London became 6.8% cheaper for South Korean buyers over the course of 2020, based on changes to house prices and exchange rates.

It was also 6.2% more reasonable for those in China and 5.6% cheaper for buyers from Japan.

The research comes from BuildScan, which found that new build prices in London fell by -3.4% from 505,331 in January 2020 to £488,371 in January of the same year.

Harry Yates, founder and managing director of BuildScan, said: “Despite the problems posed by the pandemic, we’ve continued to see a high degree of interest in the London market from East Asia. This has been driven, in part, by factors such as BNO visa availability for those relocating from Hong Kong, as well as the opportunity to cash in on a stamp duty saving.

“In addition to these draws, we’ve also seen fluctuating exchange rates boost the affordability of London new build homes which has also caused many savvy investors to act sooner rather than later.

“Although the pound has rallied of late, the London market remains an area of focus for many foreign buyers and with market momentum returning at a slower rate than elsewhere around the UK, now remains a good time to invest.”

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