Sales of Barratt London properties to GCC investors increase in Q1 2024
Award-winning developer Barratt London has revealed a surge in buyers from the GCC investing in properties in the outer boroughs of London as mortgage rates steadily become more attractive. The weak British pound against the US dollar also continues to attract interest from the region due to impressive yields and long-term growth potential.
Research from the Barratt London MENA office, led by UAE-based Hardington Residential, has revealed that the number of GCC investors purchasing Barratt London properties has increased significantly in Q1 2024 compared to the previous year. The company has also reported that the number of UK expats in the region buying property in their home country, particularly from the UAE and Saudi Arabia, has increased by 25% during the same period.
According to Hardington Residential’s Managing Director, Ian Plumley, Barratt London’s portfolio, strategically positioned to include developments in London’s outer zones, is ideally poised to meet the demand from the GCC market.
He 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% deposit and 90% 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,” added Plumley.
As a result, Barratt London has unveiled the next phase of its Hayes Village regeneration scheme in West London. Waterway Apartments, a unique offering, includes 71 new properties with stunning views across the Grand Union Canal, with prices starting from £327,000 (US$411,000).
Offering one-, two-, and three-bedroom options, each apartment is designed to provide spacious and well-lit living spaces. The open-plan living areas feature full-height windows, creating a bright and inviting atmosphere. All kitchens are equipped with modern appliances and a contemporary design. Each home has a private balcony or terrace, which provides a generous extension of the living space and is ideal for outdoor dining.
Set to be completed in Summer 2025, the apartments are located in a serene corner of Hayes Village and offer a unique living experience. Built on the former Nestle factory grounds, they are part of a landmark development. With 9 acres of green space, a residents’ gym, and an outdoor play area, Hayes Village offers a tranquil and convenient lifestyle, with quick links to London 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.”
Residents at Hayes Village will be reminded of the factory’s unique chocolate legacy around every corner, from ‘Nestle Avenue’ to ‘Milk Street’. The iconic London site was home to many landmark inventions, including the world’s first instant coffee, the discovery of white chocolate and the famous Milkybar.
After closing its doors in 2014, the redevelopment of the 30-acre site is due to significantly revitalise the immediate area. Due for completion in 2027, Hayes Village will provide 1,500 new homes to the community and open nine acres of previously unused green space. This includes a 1.3km walking trail, a 200m running track, the redevelopment of the canal frontage, a new public square, and a convenient footpath from the historic green to Hayes and Harlington train station – a key beneficiary of Crossrail.
The development offers excellent road and train connections. The M4 and M25 motorways are within easy reach, and Heathrow Airport is approximately 10 minutes away.
Prices at Hayes Village start from £327,000 (US$411,000).
Last Updated on 8 months by News Desk 2
