We continue to see strong demand for leasing from Chinese professionals coming to London, working for a high-end Chinese office in London. As the summer vacation approaches, we expect enquiries from Chinese students to increase. Most tenants plan and research real estate development projects and areas in advance to ensure they find the right type of home - This is very important to them.
Chinese tenants almost always like to build new homes because they like to live in a place with good transport links, a pleasant environment, close to where they work or study and take into account the security of the surrounding. Bright, airy and tidy room is “Must be”, while apartments overlooking the water are highly sought after – These standards apply to both buyers and tenants. However, in many parts of London, the supply of currently available properties is quite low, so applicants must determine as early as possible to ensure that they have an apartment that meets their needs.
Chinese investors who want to buy real estate in London are also very inquiring. The UK economy continues to provide stable investables for Chinese investors, and the weakness of the pound against the renminbi also represents an excellent investment value.
Rental demand from Chinese applicants continues to grow and we estimate that around 70% of these are students - in 2017 there were 160,000 Chinese students studying in the UK – up from 5,800 in 1997. The number of Chinese students living in the UK far exceeds any other nationality. And this issue of education is extremely important. The UK is one of the most popular countries in which to study, giving young Chinese a chance to perfect their English and give them an international perspective, while strengthening their CV and possibly giving them the opportunity to gain some work experience in the UK – sometimes graduates are able to obtain a six-month post study visa.
The remaining 30% of Chinese tenants are corporates, usually working for major Chinese corporations which have a base here and again this rental market is strong and continues to grow.
We are also seeing large numbers of Chinese buyers continuing to invest in London property, undeterred by Brexit concerns. Budgets vary from £500k right up to £20 – 30m. Often they are investing for the medium to long term so short term political and economic events do not concern them unduly. Often they are buying a property either to use as a base when they are in Europe or as a home for their children who are studying here.
“We are first-time landlords in London. We find ourselves really fortunate to have you as our letting agent. Your services are efficient, very specialised and transparent... you take care of every aspect of our needs! Our apartment is well presented to attract high quality tenants, thus allowing an early agreement to be made. We have no hesitation to recommend Benham and Reeves to those who want to sit back and relax, feeling their properties are in good hands!”
Several unique benefits allow our China Desk to stand out from our competitors:
You are assigned a dedicated account manager as your main point of contact right from the start who will walk you through the entire process.
Some important parameters (company and employee) will need to be set before arrival in London, including:
Using the above criteria, we will narrow our search and provide a list of suitable easy- to-reach properties for viewing. We will then escort you to the viewings as we can then also point out key amenities and transport hubs.
After a property has been chosen, we will negotiate the best terms, ensuring that all the specific company requirements are fully met.
We will then subsequently draw up the tenancy agreement (or, if required, use the pre-existing company document), register the deposit with an appropriate scheme if the tenancy is in the employee’s name and complete all other necessary documentation required under UK law.
We can assist with certain mundane, yet unavoidable tasks such as inventory checks and the management of utilities prior to moving in. Electric, gas and Council Tax accounts can be set up and appliance instructions supplied.
A fully managed property ensures that maintenance issues are kept to a minimum and that tenancies are problem-free. Two thirds of our properties have opted for this service.
Your dedicated account manager is just phone call or email away.
As their tenancy period comes to an end, a good number of our corporate clients choose to renew their agreements. We will be on hand to negotiate a new contract or, if required, to acquire a new rental property on your behalf.
When a tenancy does come to an end, we are on hand to recommend professional cleaners and, if required, to attend any inventory checks.
A smooth end to a tenancy agreement is in everyone’s best interest, so after the inventory check-out is complete, we will ensure that any reasonable deductions are made by the landlord with a view to returning your deposit as soon as possible.
We offer a choice of additional resources for HR professionals including:
We strongly feel that the best business outcomes are based on established partnerships and with this in mind, we continually strive to give the best long-term advice and assistance attainable.
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