Overseas investors are snapping up homes in Surrey

A growing number of overseas property investors are looking beyond property investment opportunities in London and buying large homes in Surrey, including new build properties, according to Knight Frank.

The estate agency reports that foreign property investors have bought £158m worth of residential properties in North Surrey in the past four months, with a minimum purchase price of £4m.

A company breakdown of buyers reveals that 43% of purchasers were from Russia and the Commonwealth of Independent States (CIS), 32% from the UK, 15% from the rest of Europe, 5% from the Middle East and 5% from India.

Residential properties, including new build homes across North Surrey, since 1st April have commanded an average price per square foot of £713.

Knight Frank consider the North Surrey region to be in the M3/A3 corridor either side of the M25. The prestigious areas that North Surrey incorporates include St George's Hill, Wentworth, Esher, Cobham, Oxshott, Ascot, Sunningdale, Windlesham, Englefield Green, Richmond and Kingston-upon-Thames.

James Cleland, partner in Knight Frank's Country Department, said: "As with the majority of the UK, the market in North Surrey was extremely difficult during the credit crunch. The number of top end sales dropped dramatically and those vendors who had to sell were confronted with accepting significantly reduced prices. The market has undoubtedly made a very significant recovery in the last four months with strong demand. The fact that seven properties have exchanged contracts at figures in excess of £10m, with a further three under offer, clearly illustrates this.

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