Role of Overseas Investors in London Housing Market

This study examines the role of overseas investors in the London housing market and evaluates the social and economic impacts of international investment. It analyzes the implications of foreign investment on the prices, demand, and supply of housing in London. The study is based on secondary research and aims to provide a deep understanding of the London housing market.

INTERNATIONAL
INVESTMENT IN LONDON
RESIDENTIAL MARKET
EFFECT

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
INTRODUCTION...........................................................................................................................1
1. Presenting and evaluating the role of overseas Investors in London Housing Market...........1
2. Social and economic aspects of the international investment in the London residential
market..........................................................................................................................................5
3. Evaluating the implications of foreign investments on the prices of London’s housing
market demand and supply..........................................................................................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
It could be seen that the movement of the capital into the residential properties are most
notable looking at key global cities. The overseas investors are interested in making investments
in the real estate properties. London is considered to be the safe heaven by the majority of the
real estate investors due to the stability ion political and financial market. Investments in the
residential properties are made after the global financial crisis. This increased the investments in
real estate of London. The investments are made due with the motive of earning high returns
over their investments. Report will include the role of foreign investors on the foreign housing
market of London. It will also provide the social and economic impacts of the international
investment on London market. The current study will also shed a light on the housing price of
London and determine whether international investment in London Housing market is beneficial
or not. Report’s main aim is to develop a deep understanding of London Housing market. Entire
study is based upon secondary research in which latest books, articles and Journals are chosen.
For that study will evaluate the role of overseas investors in London Housing market. Further,
report will also determine the social and economic aspects of international investment in London
Residential market and critically evaluate the implications of foreign investment in London’s
housing market on price, demand and supply.
1. Presenting and evaluating the role of overseas Investors in London Housing Market
Foreign investment is contributing the major portion upon the local housing demand’s
prices in the London’s housing market. This prices are completely depend upon the market’s
such that in the current scenario, the prices of the London is decreases because of the pandemic
disease i.e. Coronavirus. But secondary research shows that in London, the prices are increases
as compared to the rest of Britain’s Economy. Further, the report off Kings College Housing is
also shows that houses price of UK is increasing from 1990 onward. While on the other side, on
supply side, lack of available land for construction and some regulatory constraints i.e. planning
delays and ban are also contribute to the house price appreciation. That is why, in 2004, the
government of UK review on housing supply and concluded that much higher rates of housing
building is necessary to reduce trend rate of house price growth.
The invitation to tender is known as an overseas buyers or else, they are the purchaser
who is resident overseas. Also, the sales of overseas buyers is higher because a briefing paper for
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Parliament written that they overseas buyers is highest in Central London and declines rapidly
with a distance from a center (Eichengreen, Jungerman and Liu, 2020). Also, this proportion is
higher for new buildings as compared to existing units. The interview conducted under the article
in which top developers and other stakeholders are selected under a small survey in which it is
clearly analyzed that overseas sales are highest as compared to the business who are relatively
concentrated in the areas. Thus, it provide a clear indication of the relative importance of sales to
overseas buyers and their price point as well as special patterns.
As the secondary research also shows that prices of houses in London are continuously
increase because as per the foreign investment, it is estimated that property prices in 2014 were
around 174,000 pound which excluding the foreign investment. So there is a huge difference in
the foreign investment which is being focused in London such that prime London Borough in
which a large number of houses are owned by the overseas investor and these houses were also
sold up to 1.3 million pound in 2014 (Holthus,Kebschull and Menck, 2020). Therefore, this
figure shows that there is a high demand of foreign investment in London so that people use
these houses for their own use and there are large number of housing project in London are
introduce that are affordable for the people of London and this also shows the positive impact of
international investment in order to keep operating the market of Central London at the time of
critical times.
The information provided the major international estate agents suggested that London
overseas buyers accounted for fewer than 20% of sales of new- buildings. That is why, the sales
were higher in central London as compared to rest of the capitals (The role of Overseas investors
in London new – built residential market,2017). Article also suggested that the role of overseas
investors for new homes in capital is important. Such that in 2015- 16, new house were
completed in London in which 17,000 were used for private sector. This figure is high as
compared to previous four years. The below graph also shown that the sales proportion of house
has risen with 13% from 1995.
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The buyers are mostly from the Asia and Middle East who actually invest on the London
Property for three main reasons i.e. to let out, to accommodate their family or students and last is
London home are used for work related and vacation visit (Quan and Lin, 2020). Thus, the LSE
research also shows that more than 70% of them are highly agree that they purchase home to let
out. The article also suggested that the proportion of new residential units in London is bought
by overseas buyers. Such that about third of a sales is handled by the international estate agents
in between 2014 April to 2016 April and it is rose up to 50% only in Central London.
On the other side, some proportion of Unit is also left empty by overseas buyers because
occupancy rate for individuals schemes is normally up to 95% and also, there are no reason why
these places are left empty (Sotiropoulos, Rutterford and Keber, 2020). Only reason came i.e.
over- occupied by students, also the unit which is left empty is rented out with such a high
occupancy rate. While on the other hand, it is occupied only for some weeks.
Further, pre-sales are also plays an important role in order to facilitating development,
except for housing association and developers, most of the people said that they needed pre-
sales in order to make sure a pipeline of development (McKenzie and Atkinson, 2020). That is
why, some banks and other finance institutions are also required pre- sales before lending, but
actually developers needed pre- sales. It is so because it helps to reduce the risk which is linked
with the market volatility and completion of apartments. Further, there is another option
available i.e. off-plan sales which takes place two or more years before a completion and it is
used by the overseas buyers. Also, there are pre- sales to local buyers but it also happen later in
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the development process. In addition to this, the practice of selling units before completing the
investors documents and put it in front of the first0 timer buyers is considered as a disadvantage.
That is why, it is consider as an issue related to financing structure of London’s Housing rather
that the overseas buyers.
So, the price paid by the overseas buyers and those paid by UK residents were on average
not hugely different. The research findings about the occupancy shows that it is not possible to
determine the occupancy of these particular units as well as the schemes in which they are
located. Also, the part of the market is also based upon the rental returns has very high level of
occupancy while some of the evidence of over- occupancy i.e. students. In addition to this, thee
overseas purchases do impose a cost on Londeners but they are unable to access because around
6% of the new- built units are belongs to private owners. Along with this, the cost is more than
the offset by a positive impact of pre- sales on the speed and volume of new construction of both
private and affordable new housing (DeVerteuil and Manley, 2017). This also affect on the
housing market, such that demand from overseas buyers for new property has a direct impact
upon the number of homes built. In this, the overseas buyers first set their preference i.e. term of
use of glass and size of units, number of rooms and then consider other key aspects. After that
the issue of price comes and that is why, it affect direct impact upon the London Housing
Market. However, the interest of overseas buyers is high for more apartments which are also
delivered at higher price points while on the other side, it is affected by the change in mix.
Therefore, the role of investor in London Housing Market is also depend upon the pre-
sales and off- plan sales because around 85% of the housing transaction in London involves the
existing stock. But the procedure of this is quite different in case of new- built. Such that off-
plan purchase usually transact at a discount to price on completion because the price of the
houses are generally increases as the nature of development firm is also ups (Scanlon and et.al.,
2017). But the plan for pre-sales and off- sales is different to the overseas investor’s perspective
or builder business model. Smaller firm or companies who put some units back for Help to Buy
do not rely on the pre- sales, while developed uses this plan because it helps them to secure
finance and also reduce risk as per the fluctuation in market as well. Further most of the banks
will not provide a scheme unless the overseas buyers are consider a pre- sales, while developers
who completely rely upon the debt finance are take money from bank around 40 to 60%. That is
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why, pre- sales are also consider one of the most important part for London Developer’s business
model.
London is an attractive investments option by various overseas investors mainly the
European investors. Along with the global financial crisis the demand for housing market in the
London also made the government to frame policies for attracting new investments in the
residential sector of the London. Investments in the real estate has different risks and factors
associated with it. With the opportunities brought by the investment of the foreign investors there
are risks and negative impacts too. The increase in investment will also decline the returns of the
market causing the investors to make the shifts from the housing industry to other sectors. This
may cause negative impact over the economic state of the country
2. Social and economic aspects of the international investment in the London residential market.
Global political and economic turbulence evident from the beginning of financial crisis had
created new impetus for the cross border investments in property investments around the world.
It has been seen that the capital has started moving into the residential properties as seen in the
global cities. The excellent opportunities provided by the country in the residential market have
given the investors new opportunities for adding value to their capital. London has become the
international interest for property investments after the liberalisation of the policies regarding the
residential housing by the UK government (Scanlon And et.al., 2017). This has attracted
investments from round the world to take place in London. Investors are investing in the
construction of new residential buildings that attracted billions of investments in the London.
The investments in the residential properties have increased tremendously seeing the
demand of both purchasing and rental housing properties. There is a huge demand of the rental
residential properties in London where the supply is not as equivalent to demand raising the
prices of the rental houses very high. With the investments by foreign investors in the London
housing market the supply of housing will be increased declining the rental prices of the
properties. Government had played a major role in attracting the investments in residential sector
both within and outside investors (Glucksberg, 2016). Various steps for promoting the house
building by lowering the bank interest rates and easy loan facilities have made the investments in
London residential market over new levels. These steps also attracted foreign direct investments
from various countries into the real estate industry. This is seen as the new area for earning
returns over investment and adding value to their capital.
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Along with the foreign direct investments in the residential housing industry, other social
and economic impacts associated with it are also required to be considered. Real estate market &
investment level associated with market also affects the economic development of the region.
Due to this vicious circle of investment could be seen in the real estate market. Investment level
in the industry could be associated with current economic conditions or performance of region.
Growth of job opportunities and the unemployment level are to be observed with the investments
(Hamnett and Reades, 2019). Investments in the real estate market will help in the development
of economic state of London. This will fuel the progress of the economy by the investment in the
Central London.
Authorities are required to understand the nature of overseas investments that is being made
in the London’s real estate market. This will help in designing the policies that will support of
economic growth of region and will also provide benefits to the local position of the state.
Properties owned by the overseas investors are increasing constantly and it is essential to
acknowledge their implications on the economy and the society. Negative trends associated with
the international investments could affect the economy as well. The investments are mainly
attracted due to the economic and political stability at times of the global financial crisis. The
global investors have analysed the growing stability of financial market and this has made them
to make investments in real estate properties with higher returns. Houses and residential
apartments being build in the London have increased to considerable number and their impact
over the economic state could not be ignored.
Market of London is considered to be safe heaven for the investors but there are also other
factors and risks associated. One of the major reason of investment in residential property is
financial crisis and stable financial market. The risks associated with this thought that the
investments were made with the expectation of higher returns over the residential property
investments. This has challenged the status of safe heaven as the numbers of investments are
increasing the returns will be brought down due to heave competition (Rogerson and Selway,
2017). Due to the residential housing marker of London will be losing its attractiveness due to
lower returns or shared returns. This will cause the investors to withdraw their investments in the
industry causing a negative shift from the market and affecting the economic environment of the
real estate market creating problem of liquidity. The substantial risks question the sustainability
of the industry and the market.
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Investments were attracted due to the stability and liberal policies in the real estate
investments. Seeing the rise and for protecting the investors and people new regulation and
compliance procedures have been established in the London. These increased regulations will be
affecting the market and foreign investments. This will reduce the amount of overseas investors
in the residential sector. European investors show interest in the London residential housing
market due to break-up of eurozone. This will have negative impact as the appreciation of
sterling over European currencies will be leading towards perception of market as more
expensive making the flow of investment over cheaper regions.
Though London is considered as safe market by many of the investors but there are several
risks associated with it questioning its sustainability. There are risks and challenges associated on
the economic development overseas investments will be having positive economic and social
impact. Overseas investors will increase the rate of economic development due to large number
of investments. Investment brings several opportunities along with the funds. it will be creating
the development of region with new and advanced facilities. The foreign investments will be
creating new job opportunities for both the skilled and unskilled people of the region.
Unemployment is one of the major economic problem faced by most of the regions. Creation of
new jobs will decrease the unemployment rate of London. Creation of new jobs will be speeding
up the economic growth. The investment in the residential properties will also be influencing the
demand and supply of residential houses in London.
The property prices and rental rates in London are high due to lack of required number of
houses in comparison to the demand for rental houses. Rental housing is one of the important
sectors in the real estate for generating returns. Overseas investments will increase the supply of
new houses for residential purposes and rental purposes. Due to the increased supply prices of
the rental housing properties will be lowered down slightly. This will allow the society at large to
afford the houses to buy and to take on rent. This will cause faster movement of money in
London. This will be creating social benefits for the people of London by raising their standard
of living by the new designed and facilities brought from outside countries. Countries will be
causing the people of London to raise the income levels by earning through investments in real
estate.
On the contrary as the investment by the overseas investors are made for earning high
returns this may inflate the prices of the residential properties. Inability of the people to afford
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new houses with high prices with advanced facilities will cause the companies to suffer losses.
The market of real estate may face high risks at increased price levels (Renigier-Biłozor,
d'Amato and Biłozor, 2017). This will be impacting the economic condition and the society. The
financial stability of the London will be affected due to change of the foreign investors in
residential properties.
Every country strives for attracting for new foreign investors. London also appeals to the
foreign buyers and investors. It is an essential city for many of the business people and is well
connected & there are many much benefits associated for enjoying the city. Currently the region
is living in a era in which Brexit hangs over market. Having a strong influence over the actions
of the buyers and investors that have already been flocked to the UK market, but however it is
still attractive proposition for the foreign investors. The huge amount of investments in the
London market is also raising many questions such as the returns and sustainability due to the
increased investments in the housing market. It is also a challenge for the investors and builders
to provide suitable properties to investors. This is also a reason that even after large investments
in the housing market number of properties is lying empty. This reflects a negative impact of
foreign direct investment over the London market of the foreign direct investments. The factors
related to this are required to be given focus else the London housing market may face crisis due
to this. However there are favourable impacts also of the foreign investments such as increase in
prices of the property by 20% in last 15 years.
As the investments are increasing the foreign investors with new well furbished houses the
property prices are rising. However on the overall analysis the present benefits of the foreign
investment in the residential housing market are favourable for the London (Badarinza and
Ramadorai, 2018). But it is required to undertake the risks associated with the same and should
frame policies for protecting the interest of investors and the public. This may have major impact
over the economic state that will be affecting every sector of the industry. Banks and financial
institution are also required to play their role adequately and are required to keep interest over
the housing loans analysing the market situations to avoid further situation like financial crisis.
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3. Evaluating the implications of foreign investments on the prices of London’s housing market
demand and supply.
It could not be denied that the impact of foreign investments in housing market is not
seen on the prices and demand & supply. It is evident many of the studies that the investments
are contributing major part impacting over the demand and prices of houses. It could be seen that
prices of the London’s housing market are facing increased growth as compared with other
regions of economy of Britain. On recognition of the foreign investments it could be estimated
prices of property in 2014 were 174000 on an average excluding additional foreign direct
investments. Total difference due to foreign investments is near 21 percent. There is a heavy
variation with most of foreign direct investments focused in the London. For instance, it could be
seen that large number of the houses in London are of overseas investors and the average houses
that were sold in 2014 were 1.3 million.
The ownership of the properties in London shows that the foreign investors are still
interested over investing in the residential housing properties of London. It could be observed
from article published by Buy Association in 2018 that revealed foreign money and investments
are politically toxic. But at the same time this is helping in implementation of large number of
housing projects in the London containing affordable houses for the Londoners (Raco, Durrant
and Livingstone, 2018). Other impact on the positive side of the investments in London market
could be seen as the London is operating through a critical times and is also ready for putting the
equity over long term return (Housing Supply Investments, 2019). After the Land Registry
housing prices have raised in almost all the region of England & Wales. Annual percentage price
change in London during the yea 1969 -2018 is around 18-43% it is seen from the studies that
despite of purchases from the international residents in the London. Ownership or investments
over international scale is acknowledged also as product for investments in 2nd homes by the non
British people enduring of living outside London with their investments in real estate. It is also
seen that the devaluation of the pounds in few years has also attracted new investments in the
housing market.
House prices in the London are increasing greatly since 1990, mainly after the
implementation of Land Registry. Apart from the reductions of 2009, at height of global
financial crisis, housing prices have increased during every year.
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On supply side scarcity of land available for the constructions as well as regulatory
constraints like, delay in planning and restrictions that may contribute to the housing prices
appreciations. In the year 2014, review over housing supply was commissioned by UK
government. Outcomes of the review provided that house building is required at much greater
rate for reducing trend rate of growth in house pricing for being in comparison with EU average.
Related review over the land use planning argued for requirement of making planning
application more effective and efficient to incentivise use of previously developed vacant land.
Much recent research over how the supply constraints are affecting transmission of the incomes
shocks over housing prices (Trotta, 2018). It was seen that increases in the earning capacity
increased the prices of house more than the areas with strict regulatory constraints.
Demand side could be examined using the causal effects of immigration over the housing
prices. Studies have shown that inflow of the immigrants in local areas generate native
outmigration that has negative impact over the local housing prices. Foreign investors are seen
investing in the London market of real estate when the home countries are facing negative
economic condition. Other factor deriving investment towards London of the foreign investors is
Home bias that refers to cases where the people want to live away from their relatives and known
ones. Mainly focus of the investors is not over the becoming residents of UK but for investments
purposes. The demand for UK housing market is also seen as it is considered safe heaven, with
the increase in foreign risks associated with the with high housing g prices over the parts of
London with major shares of the foreign residents. There is a positive inter relation of the deficits
of current account appreciation in real estate prices.
Billions of pound is flowing in the Property of Market every year through foreign
investments and it has pumped the growth in prices more higher as per the new researches. The
study by King’s College London has stated results due to the foreign investments. It shows that
around 28 % of growth in house prises would be down to the overseas investments and major
part of it was through the anonymous shell entities which are registered with secretive tax
havens. Foreign investments have reduced the homeownership rates. This suggests foreign
investment is significantly larger factor contributing than the previous thought towards the
housing crisis meaning millions of residents of UK are not able to afford buying of new homes.
Foreign investments not only raised the prices of the expensive homes that have trickledown
effect on other markets (Stanley, Lyons and Lyons, 2016). Overseas investment as concentrated
10

largely in London and that are seeing larges increasing in prices and due to this investors are
making a move towards other cities such as Manchester and Liverpool.
Studies analyses data of Land Registry provides that there is only a rise of 1 % in share of
the property sale to big companies that are registered overseas has raised prices in Local areas by
2.1%. Influence of the wealthy foreign investors over the housing prices of London is relatively
small. Transaction involving foreign companies has represented only 1.5% of value of sale in
year 2014. Though various studies have shown that the prices have risen of houses due to foreign
cash, but there are no evidences regarding increase in supply of houses. News has arrived after
Government got into pressure of doing more for cracking down the ownership of properties by
foreign shell firms.
Front-men for the anonymous foreign companies that invested in the British property will
be facing up to 2 years of imprisonment as well as unlimited fines where the true beneficiaries or
owners of property are not having their names over the public register in the plan revealed
currently (Benson and O’Reilly, 2018). Concerns have also stated about fact that the draft
legislations on issue of is not yet introduces to the parliament and new rules will be implemented
after 2020.
House building in London has often preceded the glacial pace. Supply of the houses is
less responsive to the demand as compared with other parts of the country. Over may studies it
could be seen that the increase in supply will alone not make the housing and rental prices
affordable for the people. The laws and planning policies of the London are supposed to build
enough houses. But these planning are considering the other factors that are having influential
role in prices of house such as income generation, over investments, wealth concentration and
such other factors. Supply side devotions and measures are translating the extension of the
financial deregulation to the planning system and land use policies.
There has been a long standing argument concerning downside of the restricted space for
the housing in powerful critique of role of planning in the constraining of housing supply &
reducing affordability. Metro Green Belt of London is singled out brake over the supply of land
and therefore driver of housing prices rise. Land has become much of the asset with underlying
consumption demands that is more or less in fixed supply (Roberts, 2017). The urban
containment is the major reason of investments in London.
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The investments are seen on large scale in the real estate housing market and demand is
still high. It is seen that despite of billion of investments in housing market by the overseas
investors the supply has not increased as per the level of expectations in fact it is yet below
average. This is also due to the reasons that the local residents have moved to overseas with their
business and residency (Overseas Investors in London, 2019). It is also to be considered even
after the increase in supply prices of the housing market to drop down is difficult. Supply
perspectives are focused over the larger communities and the rich class people. Also they are not
designed as per the expectations of the people which are keeping them empty. Therefore it could
be seen that the supply of the houses have increased but the relative decrease in the housing
prices is not seen.
Demand for the housing is over a global market and supply is infinite. The direction of
capital flow is determined through degree of political stability & local rules that are pertaining to
the tax liability and property rights. Policy discourses are focused over eliminating the barriers of
increased housing supply (Gallent, 2016). Demand after foreign investments is not influenced
much, it was already in high pace due to the other beneficial factors, and demand by the local
Londoners is not high as prices of the housing are not under affordability.
CONCLUSION
The research about the role of foreign direct investments in the London housing market. the
research has helped to identify the major constraints associated with the investments by overseas
investors in the London’s housing market. Foreign investments in the housing market were
mainly raised after the financial crises. This led the foreign investors to take a move towards
London. Also the economic and political stability of the region is plus point for many of the
investors who are expecting high returns over their investments. On the same side, it is also seen
the investments is rising at a increasing rate this will cause the return expected by the investors to
go down. On the negative side they may started withdrawing their investments causing liquidity
crisis. On the other, despite of the increasing investment in the sector the demand is still
increasing and supply is not increasing with the same proportions. Supply is not the only factor
that will help to reduce the housing prices making it affordable for the people.
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REFERENCES
Books and Journals
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Online
Overseas Investors in London. 2019. [Online]. Available through :
<https://www.london.gov.uk/moderngovmb/documents/s58640/08b2b%20LSE
%20Overseas%20Investment%20report.pdf>.
Housing Supply Investments. 2019. [Online]. Available through :
<https://discovery.ucl.ac.uk/id/eprint/1546192/1/Gallent_Housing_supply_investment_de
mand.pdf>.
The role of Overseas investors in London new – built residential market. 2017. [Online].
Available through: <https://www.london.gov.uk/moderngovmb/documents/s58640/08b2b
%20LSE%20Overseas%20Investment%20report.pdf>.
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