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Rich BRICs invest in British bricks

Increasing demand for UK property from emerging economies such as Brazil, Russia, India and China (BRICs), will sustain property prices in the near future, a report predicts.Foreign buyers presently account for approximately one third of all property purchases in London, says estate agent Knight Frank. This figure climbs to 75 per cent for houses worth over £5 million."Average house prices in central London have tripled in the decade to 2006, a substantial part of this increase being due to the presence of overseas buyers in the prime locations, diminishing the overall available housing stock," Liam Bailey, head of residential research at Knight Frank told Reuters."We believe that UK tax, regulatory and financial pull factors will encourage continued growth in buyer demand from the BRIC nations, although in the case of Brazil this will take longer to manifest due to the greater degree of capital controls it currently exercises," he added. Knight Frank forecasts a particular interest from Russian investors, predicting a ten per cent increase per year in the nation's property investment in the UK for the next two years.

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