Chinese seek UK bargains

Chinese buyers are leading a legion of cash-rich non-UK investors in search of upmarket London homes, with demand driven by the falling value of the pound, according to Knight Frank.

The property agent said a near 25 per cent rise in the yuan since 2008 meant Chinese buyers were seeking homes in London as rental investments. Between March 2008 and September this year "prime" central London home prices – costing more than £2m – rose by 5.2 per cent.

Meanwhile, about 80 per cent of buyers at London's luxury One Hyde Park development, above, were from overseas, according to Nick Candy, chief executive of developer Candy and Candy.