London sees rise in Australian property investors

A rise in the number of Australian investors making international money transfers and snapping up property in London has been noted in the housing market.

According to director of search company Sourcing Property Jo Eccles, the capital is proving increasingly attractive to buyers based down under.

She explained how in the last three months, six Australian clients have approached her company looking for suitable buy-to-let abodes.

It was suggested the fact the Australian dollar is "extremely strong right now" due to the country being "commodity rich" has helped drive the upsurge in interest in London homes.

"We're ... seeing a number of Australia based buyers, mainly who are purchasing for an investment.

"They view central London property as a relatively safe investment and they're getting a saving on it due to the favourable exchange rate," Ms Eccles commented.

The property specialist explained how some investors fly to the UK for a week to view options in the one or two bedroom apartment market, while others are happy to sort out the details remotely.

Most look to spend between £400,000 and £800,000 and find rental demand is so strong they have little trouble letting out their new abode.

Ms Eccles remarked how the new property is usually rented out within a couple of weeks of a purchase.

Australian investor Helen Rooney described how she was first inspired to build up her housing portfolio in London after a friend recommended the city.

Ms Rooney commented: "The view being that staying out of the equities market was a good thing at this point in time and that London is an attractive proposition given the strength of the Australian dollar."

Director of residential research at Savills Lucian Cook recently claimed the London boroughs where the market remains strongest include Wandsworth, Camden, Chelsea, Kensington and Westminster.

Posted by Thomas Smith

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