Friday, 4 March 2011

Far East buyers get first pick of new Kidbrooke Homes

Asian buyers have been offered homes on the new Kidbrooke Village estate six months before UK residents it has emerged.

"The house builder launched the first private homes at Kidbrooke Village for sale in Asia six months ago. The first new homes, starting from £207,000 will only be available to buy in the UK from March."

Representatives from Berekley boasted about promoting the village in the Far East at the Kidbrooke Stakeholders meeting I attended last month.

How Kidbrooke Village is being marketed to Malaysian investors

The weak pound and a growing Eastern economy has meant that almost half of all new builds in the capital are now reportedly being sold to Asian buyers.

Developers are selling unbuilt housing "off plan" to Asian investors often at a lower price than they would have been sold on completion.

According to one developer:

"One of the reasons overseas buyers purchase off plan is to benefit from the potential future growth in values. If we had taken the scheme out to Asia during the latter stages of construction, there would not be the same amount of interest."

At the stakeholders meeting last month a member of the audience claimed that this had happened at the Millennium Village in Greenwich. 

They said that the strategy had created a transitory community, where people disappear at weekends, rent for short periods, and leave properties vacant for months on end.

Could the same be about to happen in Kidbrooke?

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