Asian buyers fuel Barratt's recovery


Click to follow
The Independent Online

Barratt Developments' chief executive Mark Clare said foreign buyers in Hong Kong, Singapore and China were snapping up as much as a fifth of his new housing stock, helping the firm to enjoy the strongest spring selling period for five years.

Sales are up 25 per cent, with demand strengthened by shared equity schemes helping out first-time buyers. Mr Clare said demand was particularly high in areas of east London where the Olympics take place this summer. He said the boost was "not just a short-term Olympic effect, but as a result of major regeneration and transport improvement.

Big developments such as Bromley-by-Bow and Canada Water are our fastest selling in the country, including private buyers, overseas buyers from Singapore, Hong Kong and China, and a resurgence in UK buy-to-let."