Real estate developer Barratt London witnesses a surge in investors from the GCC region, specifically in the outer boroughs of London as mortgage rates continue to remain attractive.
The surge is attributed to attractive mortgage rates and the weakening British pound against the US dollar, making properties in the UK capital appealing for investors from the GCC region.
Research conducted by Barratt London’s MENA office, led by UAE-based Hardington Residential, indicates a notable rise in GCC investors purchasing Barratt London properties in Q1 2024 compared to the previous year. Additionally, the company has observed a 25 percent year-on-year increase in UK expats from the region investing in properties back in their home country, particularly from the UAE and Saudi Arabia.
Hardington Residential’s Managing Director, Ian Plumley said: “We’ve seen an increase in sales in the first quarter of 2024, compared to the same period last year, with notable interest in the outer London boroughs. Buyer numbers from the UAE, Kuwait, Saudi Arabia, and Qatar have surged due to greater access to mortgage packages from lenders such as Nomo Bank, which specialise in lending to Middle East investors, are Shariah compliant, and feature more favourable interest rates.”
“Barratt’s unique 10 percent deposit and 90 percent on completion offering has also been a determining factor for many buyers from the region, who are often unable to secure this payment structure when investing in property in the UK,” Plumley added.
Waterway apartments in West London
In response to the heightened demand, Barratt London has launched the Waterway Apartments, the latest phase of its Hayes Village regeneration scheme in West London. This unique offering comprises 71 new properties with views across the Grand Union Canal, with prices starting from £327,000 ($411,000).
Set to be completed in summer 2025, the apartments aim to offer a living experience within the historic Hayes Village, built on the former Nestle factory grounds. With green spaces, a residents’ gym, and convenient links to Paddington via the Elizabeth Line.
Stuart Leslie, International Sales and Marketing Director at Barratt London said: “We expect the new phase of homes at Hayes Village to be a popular choice amongst our buyers. As well as appealing to relocators moving to the UK, the development will also offer investors the opportunity to reap the rewards of London’s strong rental yields and capital gains potential.
“Hayes Village is a heritage-led project with strong links to the past. The new apartments established here celebrate the site’s rich industrial history, creating a unique new London village. Our latest phase, Waterway Apartments, presents the next opportunity for buyers to secure a new home in a great canalside location, with plenty of options within the grounds for people who want to keep fit. This development is an exciting new prospect for Hayes, bringing a vibrant residential community to the area. With extensive amenities and excellent commuter links, it is perfect for young families and city workers,” he added.
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