Asian investors have been overtaken by domestic buyers as the most active group in the West End property market.
UK based buyers were responsible for 52% of all West End commercial deals in the first half of 2018. This is up from 42% during the same period in 2017. These figures are the strongest reported since 2007 when UK investors accounted for 51% of the West End property market by value.
In addition, domestic buyers also made up 45% of the value in the West End. This rose from 29% in the first half of 2017. However, it is important to note that the increased activity in the West End property market by UK investors is partly as a result of decreased competition from overseas purchasers.
This is partly due to the stability of the pound as overseas investors took advantage of the currency’s volatility in 2017 in order to purchase properties for less of their own currency. As the pound grew more stable in 2018, this led to a reduction of investment from abroad, allowing UK buyers to once again become the largest investors in the West End property market.
Our Managing Director Antony Antoniou stated: “The West End property market remains robust, despite the reduced interest from overseas investors. The presence of an active domestic market for West End investment properties shows that the long term future of this vital London submarket remains secure, despite the uncertainty caused by Brexit.”