While London continues to lure foreign property owners, many new investors are being drawn to Greater Manchester, research from agent Benham and Reeves shows.
There’s been a 16.7% uplift in foreign buyers in Tameside, as well as 12.8% in Salford, both of Greater Manchester, as well as an increase of 11.1% in the city of Manchester itself.
In London Tower Hamlets has been a particular growth area (12.2%), while the area seeing the greatest increase in foreign buyers, by percentage, is Dacorum in Hertfordshire (18.8%).
Marc von Grundherr, director of Benham and Reeves, said: “This diverse spread of activity from foreign shores is particularly welcome at a time when the domestic market has been cooling to a degree and should help to ensure that house prices remain robust and any fears of a market downturn are avoided.
“We expect the level of foreign interest to continue to climb over the coming year as currently, many overseas buyers are dipping a toe within the rental market to try before they buy, committing to a purchase once they have found the right neighbourhood to suit their individual needs.”
London still dominates when it comes to foreign property owner hotspots, with Westminster (16,667), Tower Hamlets (9,403) and Kensington and Chelsea (9,387), underlining the lure of the capital.
