Low pound lures Chinese home buyers to London

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According to CBRE, Chinese buyers accounted for up to 10% of the £800 million in London property sold off-plan through exhibitions in Asia last year, and the share is likely to rise as investors are tempted by a weak pound.

Beijing's attempts to curb prices through property taxes in its main cities, as well as forcing up deposits on second homes to 50% or higher, is pushing larger amounts of cash abroad.

"Definitely this year while the exchange rate is still favourable, we think it will increase," CBRE's head of residential research Jennet Siebrits said.

Ever-popular prime property in upmarket areas such as Kensington and Chelsea are still attracting cash, but Chinese buyers are also snapping up property in Canary Wharf and the Olympic boroughs benefiting from good transport links.

CBRE estimates that around a quarter are buying for their own use with around 100,000 Chinese students studying in the UK.

"Buyers who are not millionaires or real estate professionals are now looking to buy in London, predominantly with their children in mind for study or work," Siebrits added.