Barratt Homes focuses on Asian consumers to advance new product releases

As the stability returns to market stability in the London housing market property developers such as Barratt Homes are looking toward Asian buyers to fill their projects. Recently, overseas buyers, predominantly Asian have been leading in the London property market, even as demand for domestic properties slowed because of the high rates for mortgages.

Watten House at Bukit Timah is a complex network of transportation options allows quick and simple transit throughout Singapore in these attractive surroundings.

Barratt Homes is a major residential developer in London with one of the most extensive portfolios of development projects. The developer has built around 200 new homes per year over the last five years. This year the developer is determined to connect with Asia Pacific investors who want to profit from a lower exchange rate to snap the best investments properties located in London.

Moderating the rate of inflation

The overall inflation rate within the UK has slowed down to an “acceptable” rate of 6.4% with most indicators suggest a downward trend, according to Steve Thompson, managing director of Barratt East London, a regional office of Barratt Homes.

But, property prices in the UK have been declining since this year. “Many market monitors, local buyers, and investors from overseas were surprised this year by the rate that the residential property price across UK began to decline. However, we’re nearing a point at which prices are beginning to even out,” says Craig Carson who is the managing director at Barratt West London.

In Singapore foreign buyers are required to pay sixty% extra buyer’s stamp tax (ABSD) beginning on the 27th of April. Singaporeans purchasing their second residential property will be required to make payments of 20% ABSD as well as 30% for their third and subsequent purchases. Certain investors have turned their attention away from the UK.

“We have seen a dramatic increase in the interest in UK investing opportunities from the beginning this year” states Carson. “We expect to take advantage of this by the launch of a few new initiatives to investors across Asia during the quarter.”

The launch is scheduled for Asia

On the 14th of October, Barratt Homes will launch its Sterling Place project in Asia. In Singapore the company has appointed One Global as its exclusive sales agent. Sterling Place is the name of a new development with 456 units within New Malden, an area southwest of central London. This is the first time that Barratt Homes is launching the project globally.

Additionally, Barratt Homes is offering 42 new units in its development located in Bermondsey within London’s zone 2 district. The project, dubbed Bermondsey Heights, is a 26-storey residential development with 163 units.

According to Thompson Thompson, the average sale price GBP800 per square foot ($1,327 per square foot) in Bermondsey Heights is thought to be “the most affordable cost for a brand construction project in the Zone 2”. The average price for selling is comparable to the cost of new developments that are not located in Central London, he says.

The 42 units available on sale Singapore will consist of one-to-three-bedroom units on the upper six levels of the tower’s 26 storeys.

Barratt Homes has made a reputation for itself by identifying areas across London that are ripe to be rejuvenated. This was precisely what the developer was able to identify at Bermondsey according to Thompson.

“Although the prices of houses in Bermondsey are currently at an average of 23% discount to Greater London housing market, the demand for rental properties is high and capital values are expected to rise in several years, on the back of plans for regeneration proposed by the government.” Thompson says. Thompson.