Whilst ongoing political uncertainty and turmoil continue to cast a cloud of indecision amongst many domestic investors, property developer Click Properties is reaping the benefits that this offers to overseas investors.
In the past six months, the firm which has developments for sale and in the pipeline in London and Slough, has witnessed a marked increase in enquiries from investors from both the US and the Far East. Over the summer months alone, enquiries from interested purchasers in the Far East rose to account for 20% of all leads, meanwhile interest from the US continues to grow and now accounts for approximately 10% of sales leads.
Anthony Moubarak, Head of Sales, Marketing, & Communications at Click said, “The current weakness of the Pound means that global currencies, not least of all the Dollar, go much further making an investment in the UK good value for money. However, this isn’t simply a case of exchange rates.
“At Click, we develop in areas that we know will appeal to a wide range of investors, both from the UK and further afield. Slough, where we will soon launch our Aspire development, is laden with a multitude of benefits: it is the focus of a significant regeneration programme; it is located within close proximity of London, Heathrow and Windsor; over 2017 and 2018 it enjoyed house price growth of almost 30% and the arrival later this year of the Crossrail service that will slash commuter times to the capital will extend growth further.
“This appeals as much to the international investor as it does to those who are priced out of central London.”
Click Properties will start work on site constructing 238 high-end studio, one, two and three-bedroom apartments in Slough later this year but is already securing off-plan sales.
Moubarak added, “We are receiving almost ten enquiries a day which, given we’re yet to officially launch, is a hugely encouraging figure that supports the strength of Slough and Aspire as an exciting opportunity for first time buyers and investors.
“Interest is from a real mix of domestic and international investors, as well as first time buyers. Simply, whilst many domestic purchasers are adopting a ‘wait-and-see’ approach around the Brexit situation, savvy overseas investors view the political climate as an opportunity and are strongly influenced by the capital growth and rental yield potential of Slough.
“Amongst domestic interest, there is an ever-increasing number of renters moving out of Central London in order to buy and achieve a lot more for their money. Being in Slough affords them this, whilst continuing to be quickly commutable to the Capital.”