While the City wobbles in the wake of the pound’s poor performance, and continued Brexit wrangling remains a source of bewilderment for British banks, a weak pound is just the thing for overseas investors seeking to invest in property development. Estate agency Knight Frank, one of the key sponsors of Buy London: The Developing Skyline, deals with property all over the world.
Headquartered in London’s Baker Street, the company has 411 offices in 59 countries, employing more than 14,000 people.
From his new office at Cabot Square, regional partner Andrew Groocock oversees eight offices ranging from King’s Cross to Battersea and over to Riverside.
He is particularly proud of the company’s work in east London and Docklands.
Knight Frank was one of the consultants on board to guide Canary Wharf Group through its expansion into the area formerly known as Wood Wharf – a development the estate agency continues to sell today.
“Now that the pound is weak, property development is even more appealing to investors overseas,” he said.
“We saw a dramatic spike in inquiries from the Far East and the United States in particular following the Brexit decision.”
According to Andrew, it is not uncommon for a Chinese or US buyer to acquire a small property in London as accommodation for their children while they study and then to take this property or another as an ongoing investment for themselves.
Currency transfers currently mean buyers can wipe significant amounts off the cost of a new property and more homes on the market means people are able to negotiate better deals.
This has increased the interest of UK buyers too, typically looking for lateral or duplex properties priced at inconsiderable rates elsewhere in the capital.
“People are driven by the type of house they’re looking to buy,” said Andrew.
“And they are coming to us having seen a place in Islington, but are now looking around Poplar in E14, say, because they can still buy a house for £700,000, as opposed to £1.2million for the same property in Islington.”
“Dramatic changes have taken place here over the past 10 years. Where people would previously go and rent – the Wharf and its surrounding areas are now seen as a viable location for families to live.”
Follow The Wharf on Twitter @the_wharf .
Keep up to date with all our articles on Facebook .