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Chinese are catching up fast in London’s £10million-plus properties
Brief:A study by Knight Frank showed a marked rise in the number of Chinese buyers purchasing homes over £10million in London in the last six months for signs of weakness in the Chinese economy meant the UK was seen as a ‘safe haven’ for their money.
A study by Knight Frank showed a marked rise in the number of Chinese buyers purchasing homes over £10million in the capital in the last six months – rising from ‘negligible numbers’ to four per cent.

Mr Wright said: ‘We are beginning to see some serious interest from ultra-high net worth mainland Chinese buyers.’

He said signs of weakness in the Chinese economy meant the UK was seen as a ‘safe haven’ for their money.
 
Russian millionaires now buy one in five of London’s most expensive properties, figures show.

The report found that 21 per cent of the properties it had sold for over £10million in the last six months had gone to Russian buyers.
This compares to just 13 per cent in the previous six months.

It means Russian buyers are fast catching up on UK millionaires, who bought 36 per cent of the capital’s ‘super-prime’ property over the same period.

Tim Wright, of Knight Frank, said yesterday: ‘The Russians are back.

‘After a period of uncertainty and instability, they appear to have more clarity on where they stand, which has given them the confidence to get back into the market.’

Knight Frank also found Middle Eastern and American buyers bought six per cent of ‘super-prime’ properties in the six months to October, while Indian buyers snapped up four per cent.

It follows fears that foreign investment is pushing up property prices because some are willing to pay above-market value for the chance to put their money in the British housing industry.

Last month it emerged that family homes in South Wales and Bristol and flats in Manchester, Liverpool and Sheffield are among the houses being offered at foreign property shows and on estate agent websites in China and Russia.

Until recently, foreign investors have largely focused on mansions and exclusive riverside flats in London.

But overseas investors keen to make a profit from the booming UK property market are now buying up family homes around the country.

In some cases Chinese investors armed with cash and cheap bank loans are touring northern towns in order to find the right investments.
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