Property: Waves from Far East fail to brake home market

Does any buyer in a new London development ask about the effects of Far Eastern investment? Do they worry that a falling-off in sales will make waves in the home market? Not according to Tom Marshall of Cluttons Docklands office: "They never asked before and they aren't asking now.

"What they do want to know, though, is how many buyers from the Far East are owner-occupiers. That is far more important for them, because understandably they don't want to buy into a development that is predominantly rented out."

Although Far Eastern investors have been of enormous help to the London market as a whole in the past few years by providing a sold financial base for the developer, the strength of the home market is far more important.

Savills Research finds the percentage of Far Eastern buyers of new build in the Docklands to be eight per cent. At the present time, the success or failure of a development selling in the Far East is hard to determine. Tom Marshall saw two well-known developers in central locations return with entirely different stories - one had done well, the other very badly.

Barratt, for instance, might well have held its breath during the recent turmoil in the stock markets having sold 50 units at its Globe View development in Upper Thames Street to buyers in Hong Kong in September. Nevertheless, none of the buyers has withdrawn. Prices start at pounds 180,000, rising to pounds 700,000.

Barratt does not take more than 30 per cent of any development abroad. However, where UK buyers might benefit is where developers either decide it is not worth marketing in the Far East at all, or they cut the number of units for sale there, putting more the way of the British purchaser.

The quality of stock going to auction these days has vastly improved. No longer is it a course of last resort for the vendor, whether private or institutional. At Savills second national auction held in London last week, Thornbridge Hall, a grade II listed neo-Tudor house with a stable block, sold for pounds 850,000 to a Cheshire businessman who intends to restore it for his family's use.

Private individuals, as opposed to dealers, who imagine they can pick up a bargain may find themselves bidding against like-minded buyers. Even so, Robert Weaver of Savills finds it gives the most accurate picture of the current market since there can be no back-room negotiations: "No one's hand is being forced", he says. "Nor is there any reason to assume that the property has some inherent problem."

On South Ferry Island in Liverpool's Docklands, Crosby Homes is intending to launch the remainder of its Coburg Quay development over Christmas and the New Year. As the first residents move in, so the next phase, St Lawrence Quay, will be introduced. Apparently, the site appeals across the spectrum from "retired merchant seamen to young professionals." Prices at Coburg Quay start at pounds 88,950. Sales : 0151 7342220.

Start your day with The Independent, sign up for daily news emails
Barn owls are among species that could be affected
charity appeal
After another poor series in Sri Lanka, Alastair Cook claimed all players go through a lean period
cricketEoin Morgan reportedly to take over ODI captaincy
Life and Style
food + drink
John Profumo and his wife Valerie Robson in 1959
voicesWard committed no crime, and the truth is still being covered up, writes Geoffrey Robertson QC
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
news... you won't believe how bad their skills were

Arts and Entertainment
Mark Wright and Mark Wright
tvStrictly goes head-to-head with Apprentice
footballPremier League preview: All the talking points ahead of this weekend's clashes
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Sheridan Maine: Commercial Finance Manager

Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...

Sheridan Maine: Regulatory Reporting Accountant

Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...

Ashdown Group: Marketing Services Manager - (communications, testing, DM)

£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...

Guru Careers: Finance Account Manager

£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...

Day In a Page

Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas