There’s been a significant rise in activity from African buyers at multiple developments across the UK, with enquiries and reservations from buyers based in Africa up 75% in the past 12 months, research from off-plan property consultancy LH1 Global has found.
The most popular locations are in Northern cities which are seeing regeneration projects, like Manchester and Bradford.
The majority of purchasers originate from South Africa, Nigeria and Kenya.
Rayna Hunter, chief executive of of LH1 Global, said: “Property in the UK has always been an attractive investment to international purchasers, as they are drawn by the relative political stability in the country and the strong performance of home values over the past decade.
“London has always been the most desired destination, however, the market has overheated and overseas buyers are now looking further afield to source the best returns.
“The international market tends to be cyclical, with specific nationalities coming in waves, which is often driven by circumstances within their own country or following strong market performance.
“In recent years we have seen a surge in Chinese, Middle Eastern and American buyers and now there is a drive from African investors looking to take advantage of a subdued market.
“There is a lot of potential in high-quality new-build homes, especially in key northern cities, as vast regeneration and infrastructure projects offer excellent value growth potential.”
LH1 Global has secured multiple sales and reservations to African buyers at its residential developments LOMAX in central Manchester and The Printworks, a former print factory in Bradford, with the most popular price points ranging from £120,000 up to £352,950.
