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Foreign property buyers 'to keep buying in UK'

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Foreign property buyers 'to keep buying in UK'

More property buyers from overseas look set to transfer money to the UK in order to purchase real estate in the country, new estimates suggest.

A forecast by the National Association of Estate Agents (NAEA) has said Britain is currently proving to be a very popular market with investors from other nations.

The organisation believes it will remain an appealing location to foreign buyers next year, with interest set to "continue apace". As a result, the number of investors looking to transfer money online to the UK could be set to go up in the next few months.

The NAEA believes high demand for housing in London and the south-east of England looks set to be particularly strong next year, which may lead to growing levels of "pressure" on the market in this part of the country.

Peter Bolton King, the group's chief executive, commented: "The top end of this market will remain very resilient.

"What we will see in 2012 is a continued increase in micro-markets across the country. Demand for property in some areas fuels a healthy market while other, less desirable areas, are in danger of being left behind."

Despite the interest from overseas, house prices in the UK are not expected to alter by a great deal during 2012. Indeed, the NAEA said the property market will only recover gradually next year and "bounce along the bottom".

Mr Bolton King added that the difficulty people face in accessing mortgage finance could stop many aspiring domestic buyers from purchasing a property.

This, he said, means the overall number of property transactions in the UK is unlikely to change significantly next year.

The NAEA's predictions came after estate agents Douglas & Gordon said many buyers from other countries are choosing to snap up one-bedroom flats and studios in London.

Foreign investors are using these in order to take advantage of strong demand for rental accommodation in the city, the group stated.

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