Large swathes of the new homes being built across the UK are being bought ‘off plan’ by international investors. “We are an outward looking country”, cry the innies! “Investment from the EU is not essential” cry the outties! The refrains are well heard, by now.
With increasing Chinese (main-land and otherwise), Malaysian and Singaporean investment comes a developer’s certainty that their product will be bought. That is clearly good for our development sector and our economy in general, let alone our construction industry that continues to struggle to supply.
An increasing number of premium developments in London, Cambridge, Manchester and other cities are being bought “off-plan” by investors who have no intention of living there or renting them, housing experts claim. The sole intention is to sell them on before they are built to take advantage of rising property prices.