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Chinese buyers to mark the New Year with a property purchase

Almost a third of UK estate agents are expecting enquiries from Chinese buyers as the country marks its new year.

The Chinese New Year celebrations started last weekend, kicking off the year of the rooster, and many people use the time to travel.

A poll by property portal Juwai, which lets Chinese buyers search for property outside China, found 31% of agents expect to be approached about making a purchase.

How many estate agents say they expect Chinese buyers to approach them about property during the Chinese New Year holiday?

Almost half (43%) of Chinese people travelling for the holidays said they intend to meet with agents they have already spoken to about purchasing property in the countries they’re travelling to in 2017, while 32% said they will meet with estate agents they haven’t spoken to yet.

Of 184 UK-based agents polled, 12% said they have been contacted by Chinese buyers while 54% were expecting a busy period during the celebrations.

Charles Pittar, chief executive of Juwai.com, said: “During Chinese New Year, some estate agents see no Chinese buyers and others see an abundance of them. It depends on the type of product they’re selling and the location.

“Generally, we find that the wealthier buyers are more likely to combine property hunting with tourism during Chinese New Year.

“Overall, a majority of estate agents expect this year to be a busier holiday season than in 2016.

“Looking beyond just the holiday to all of 2017, almost half of Chinese consumers say they will engage in property hunting during their trips abroad.

“It’s not always the case, but often we see a strong correlation between the countries they visit as tourists and the countries where they purchase property. 57% plan to purchase property in the country to which they are travelling. An additional 26% say they would consider doing so.

“When it comes to immigration, 58% are considering immigrating to the country they are visiting.”

Meanwhile, research by Knight Frank has examined which part of the 12-year Chinese zodiac cycle has been best for house prices.

The data shows average house price growth was highest during the Year of the Dog, which ran between January 29, 2006 and February 17, 2007, at 9.26%.

The Year of the Rat – which fell just after the financial crisis from 2008, was the worst performing zodiac sign, with prices across the UK falling by 16.55% in the period.

Position Start                    End                       Year Annual Price Growth (%)

1          2006 January 29    2007 February 17   Dog 9.26

2          2009 January 26    2010 February 13   Ox 8.72

3          2013 February 10   2014 January 30    Snake 8.66

4          2014 January 31    2015 February 18   Horse 6.66

5          2016 February 8    2017 January 27     Monkey 4.4

6          2015 February 19   2016 February 7     Goat 4.37

7          2005 February 9     2006 January 28    Rooster 4.36

8          2007 February 18   2008 February 6    Boar 4.21

9          2011 February 3     2012 January 22    Rabbit 0.59

10        2012 January 23     2013 February 9    Dragon -0.08

11        2010 February 14    2011 February 2    Tiger -1.37

12        2008 February 7      2009 January 25    Rat -16.55

Whats your favourite year?

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