With UK property prices and volumes rising strongly, Singaporean buyers are targeting new-build properties in selective areas for ‘safe haven’ investments
UK property sales volumes have risen by almost one-fifth in the last year – and Singapore investors are among overseas buyers showing strong interest, especially in new property, says a market expert.
In March 2014, there were 94,080 UK property sales, up 19% on a year earlier, according to the latest data from HM Revenue and Customs, with seasonally-adjusted figures showing the first quarter was the busiest since 2008.
Earlier, data from the Office for National Statistics showed UK house prices rose 9.1% annually to February 2014.
With Singapore properties soaring by more than 60% since mid-2009 spurred by low interest rates, high property prices are pushing investors to look overseas with many looking to the UK, says Singapore property specialist, David Cheong.
Mr Cheong, Associate Director of RE/MAX Singapore – Real Centre Properties and Principal Trainer and Director of the Real Centre Academy (RCA), tells OPP Connect, “While UK house prices have risen by 9.1% and there are rumours of property bubble, UK remains an attractive option because it is viewed by many Singapore investors as a safe haven.
“It should be …read more