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Chinese realty investors perk up in British
Brief:The pound's devaluation against the renminbi is no doubt good news for Chinese buyers. Investors will most likely convert their money and wait for a chance to jump into the UK property market
Chinese buyers have been active in purchasing British property since early 2015 when the British pound continued to drop against the renminbi, reports Shanghai's China Business News.

British real estate services firm Knight Frank's 2014 sales jumped more than 50% from a year earlier, with Chinese buyers displaying a rising interest in UK property, said Zhang Liqing, director of Knight Frank's China business division. The firm just completed a deal from a Chinese buyer to purchase a UK property for £30 million (US$48 million), Zhang said.

According to UK government statistics, as of September 2014, the number of newly completed residential buildings rose 17% year-on-year, while property prices gained on average 5%-9% from a year ago, with major cities such as London and Birmingham seeing gains of between 11%-14%.

The Royal Institution of Chartered Surveyors (RICS) last week unveiled its December UK housing index, which showed the slowest growth in 19 months. Zhang sees this as a normal correction after a trend of sharp price gains because of an upcoming general election this year. The British government in late 2014 adjusted its stamp duty as well and the market may need some time to adjust to these complicated factors, Zhang added.

The RICS survey showed that most buyers are playing it safe to see to what happens with the UK property market, chiefly due to more strict screening and the major election four months from now. December is also a traditionally slow season as people concentrate on the Christmas holidays and the shopping season.

If property prices stabilize or continue in the downtrend, it may end up being a good time to enter the market in the first few months of 2015, said real estate analysts.

The pound's devaluation against the renminbi is no doubt good news for Chinese buyers. Investors will most likely convert their money and wait for a chance to jump into the UK property market, Zhang said.
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