More Indians Now Own Property In The UK Than The English Themselves
The presence of a large Indian diaspora in the UK along with good educational institutions, ease of doing business, and a cosmopolitan outlook are just some of the major reasons why Indians prefer to buy property in the UK.
There are more Indians among the highest number of property owners in London than the English themselves, according to a recent report
In the report published by the Financial Express on 3 September, London-based residential developer Barratt London stated that Indians are the biggest group of property owners in the capital of England.
Leading the India group are those living in the UK for generations, NRIs, investors, students, and families travelling to the UK for education, followed by the English, the Pakistanis, and the Bangladeshis.
According to the report, Indian investors are willing to fork out between GBP290,000 to GBP450,000 (RM1.49 million and RM2.31 million) for a one, two, or three-bedroom apartment in the capital city.
The latest report matches the UK government's data from the Department for Levelling Up, Housing, and Communities (DLUHC), which stated in 2020 that Indian families in the UK were the property kings, with some 74% of Indian households being homeowners, a higher rate than white Britons at 68%.
Image via Reuters
Pleasant weather, good educational institutions, ease of doing business, a cosmopolitan outlook, and language familiarity are just some of the major reasons why Indians prefer to buy property in the UK
The presence of a large Indian diaspora in the UK adds to the factor, too.
The report also stated that other reasons London is popular with Indian homebuyers are because it's a financial and educational centre and also one of the important global gateways for investors.
“The reason why Indians are comfortable with buying property is because of the market fundamentals and confidence along with a history of Indians investing in houses in London. They're eager to invest in the UK residential markets because they are getting better returns owing to the exchange rates and market presence presently. It is a relatively safer market in comparison to the UAE or India," Financial Express quoted Barratt London's international sales and marketing director Stuart Leslie as saying.
In fact, in the last year after the pandemic, a large number of Indian students and families have entered the UK at over the normal rate
According to Leslie, the percentage of Indian homebuyers has increased in 2022, observing that this was due to factors such as the legal system in the UK being comparatively easier when it came to transactions, adding to the fact that prices per square foot were about the same in London and Mumbai.
He estimated the rate to be a 128% increase compared to the normal rate, associating the increase with the surge in demand for projects nearing completion or already completed.
An important segment of Indians who are attracted to the UK are high-net-worth individuals, who are looking at setting up businesses or expanding their existing operations.
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