For some landlords, if there’s any way to reduce overheads, they will find it and use it. From sourcing low cost energy providers, to using landlord insurance comparison sites to find low cost buildings cover. But for some property owners, such considerations are trifling.
Such property owners may be among those who invest in London’s high end property market – and there are plenty of them. Additionally, great many of these buyers are from overseas, according to new research from estate agent Frank Knight.
According to their data, 55% of properties worth over £5m were sold to international buyers in 2012. That figure is up from 40% in 2011 and 2010. And of all the international buyers, the nationality that stands out is that of Russia or CIS, who accounted for 25% of these multi-million pound purchases. Only 10% of buyers were European.
High end country house purchases, sometimes called ‘super prime’ properties, took place for the most part in the Home Counties. 82% of these purchases took place here, having risen from 76% in 2011.
Frank Knight said that North Surrey was a hot spot for international buyers looking for country houses.
The reasoning for the UK being such a popular spot to invest in is often based around its reputation as a safe haven – especially when compared to some of the home countries of buyers. In addition, the continuing loss of strength in the pound and a variety of tax advantages are frequently given as reasons to invest in GB.