What’s driving Chinese property buyers to the UK? Estate Agent Today reveals the story behind it (27 September 2013). House prices have jumped up around 15% over the last year in China, where property investment seems to be the national pastime of choice.
Despite the efforts of the authorities to stop house price inflation and amidst talks of a Chinese house price bubble, Chinese property investors are still forging ahead and lately, they have been busy focusing on the UK.
According to Juwai.com, Chinese investor activity in London has jumped 175% so far this year, and the most searched part of London in August was Chelsea, with Kensington a close second. Many Chinese investors are also looking at other cities, such as Manchester where Chinese investor activity is up 460% so far this year.
However, the peak of the Chinese property-buying season has yet to come. Golden Week is next week – the first week in October – when an increasing number of Chinese travel to hunt properties overseas. According to China’s National Tourism Administration, 94 million Chinese people will travel internationally this year and an estimated 200 million will be travelling abroad by 2020.