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Buy-to-let landlords are filling their pockets as rents hit record highs. The mortgage famine means rising numbers of people cannot afford to buy and so demand for rental accommodation sharply exceeds supply.
Average monthly rents across 18,000 properties in England and Wales are now £718 per month – or £29 more than a year ago – according to LSL Property Services, Britain’s biggest letting agent and owner of Your Move and Reeds Rains.
(Reuters) - Chinese luxury home buyers are leading a legion of cash-rich non-UK investors in search of upmarket London homes, with demand driven by currency exchange rates that produce discounts of up to a quarter on purchase prices, research shows.
Property agency Knight Frank said Chinese buyers benefited from a 24 percent purchasing power discount based on the yuan-sterling forex rate between the peak of the prime London housing market in March 2008 and October 27. Singaporean buyers got a 22 percent benefit, while Malaysians received 18 percent.
Hot on the heels of predictions by Knight Frank, the property firm, that prices for prime London residences will continue to rise despite a sluggish economic outlook, Savills has reported continued price growth in the UK capital, although at a slower pace.
Prime London prices - for districts such as Hampstead, Canary Wharf, Richmond, Putney, Chelsea and Mayfair - rose by an average of 1.1 per cent over the three months to the end of September – which is a sharp deceleration from the 6.4 per cent rise seen from January to June this year, according to Savills.
High demand for wine has driven the price up 10% over the past year
With its fairytale turrets and a 15th-Century tower, Chateau Latour Laguens is surrounded by vineyards in a region steeped in European tradition.
But this chateau, south-east of Bordeaux, is also at the cutting edge of Asia's growing economic might.
The staff who tend the vineyards and make the wine are still French, but this is now a Chinese-owned domain.