One Global Group is selling Graphite Square in Vauxhall, London

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Read more: A three-story industrial building with a $65 million reserve price is available for sale

A three-story industrial building with a $65 million reserve price is available for sale

One Global Group believes the UK property market will be a buyers’ market by 2023. A press release by the Singapore-headquartered real estate company points out that market conditions in the year ahead make it an ideal time for investors in Asia to purchase a home in the UK.

As per Eli McGeever, director of research and innovation in technology for One Global Labs, the UK is beginning to see price adjustments in certain markets due to an “property-buying explosion” in the last two years. In the future, he expects that prices will continue to fall in certain markets but other markets will remain steady. “For instance, regions in London like Harrow, Hounslow and Newham are likely to outperform the market such as areas in Manchester including the city’s centre,” he adds.

A rising stock of housing is expected to help balance the property market, which will ease the shortage of housing that has been the main driver behind a rapid rise in UK property prices since the outbreak. Based on figures from Zoopla, One Global notes that the housing market has increased 40% over the last year.

When it comes to the exchange rate, One Global highlights that the pound sterling is still below the levels that were seen one year ago, which is an advantage for investors from Asia. Furthermore, real mortgage rates are predicted to drop to below five% by 2023. This is further delaying the peak of 6% that were recorded last year, following the release of the UK’s budget in September 2022 that led to chaos in the market.

McGeever says the fact that people in Asia are buying homes in various places. For instance, buyers in Hong Kong, which cover an array of buyers from experienced investor to owner-occupier buying homes in London as well as in regional areas like Manchester as well as Birmingham. In addition, buyers from Singapore or Malaysia are looking to buy homes in London.

“What is the common thread that binds these investors is that they’re buying in one of these four motives: to provide the home that their youngsters can reside while they study, for an investment to preserve wealth, or to diversify their portfolios or to move and require a place to call their own,” McGreever says.

One Global, which is an agency that promotes various UK developments, reveals that the projects that are most highly sought-after by buyers include the London’s Graphite Square as well as Fulton & Fifth, located in Vauxhall and Wembley and Wembley, respectively. The prices at these developments currently start at GBP 735 000 ($1.12 million) and GBP440,000. In addition, One Victoria, a project located in Manchester’s Victoria district, has attracted attention and apartments start at GBP199,000.