An independent property buying agency, Black Brick, has reported that its client base has doubled over the last year, with a 53% increase in property purchases.
The agency has also highlighted the rise in the number of different nationalities it represents, rising from 21 in the first 6 months of 2013, to 34 different nationalities in the first 6 months of 2014. The firm also reports that its UK buyer client base has also grown by 33%.
Black Brick also recorded increased activity in August from American, Egyptian, Bahraini, Kenyan and Nigerian clients in the capital while in the UK on holiday
“The London property market is appealing to an ever wider range of people from across the globe – as well as the “traditional” overseas buyers across the Middle East and Arab states, we now have clients from countries such as Brazil, New Zealand, Australia, Germany, Poland and the Netherlands – relative newcomers to the London property market,” said Camilla Dell, Managing Partner of Black Brick.
“The reasons for this increasing international demographic spread is varied – for the Australians, it's due to the strength in the Australian dollar which makes London attractive in currency terms, whereas the Brazilian interest has been sparked due to the changes in the tax regime there. As we saw when President Hollande raised taxes in France, residents sought to invest their money in safe havens elsewhere and we saw an influx of French buyers in London, so we expect to see a similar increase of Brazilian buyers.”
“When it comes to the increase in British-based buyers, we believe that this is due to a combination of renewed confidence thanks to an improving economy, together with the fact that even British buyers need our help. Many come to us having been severely disappointed and frustrated with the entire property buying process,“ she concluded.
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