Foreign cash influx: UK properties firmly back on the radar of foreign investors
New and returning overseas investors are poised to enter the UK property market following the disruption caused by the coronavirus pandemic, new figures that were released today suggest.
Knight Frank said its web traffic data showed nearly a quarter (24 per cent) of users looking at sales and lettings properties in August were based abroad.
This was the highest number since its figures started in January 2020. The average proportion in the 18 months to June was 17 per cent.
The number of international web users looking at lettings properties in August also exceeded those based in the UK for the first time since the start of 2020.
Demand has been driven by overseas students acting before the start of the academic year and returning corporate tenants as offices reopen, Knight Frank said.
Tom Bill, head of UK residential research at Knight Frank, said: “As the feeling grows that the worst of the pandemic is behind us, normal service will resume in the UK property market and I expect overseas buyers and tenants to make their presence felt in the final quarter of this year.”