London's biggest home builders are targeting cash-rich Asian investors. The demise of the buy-to-let market in the UK has forced them to generate new overseas customers.
In a sign of the shifting balance of wealth in the global economy, home construction companies are taking advantage of stronger growth in Asia's emerging markets. The added attraction of the weak sterling has also helped sell a third of new homes build in the capital to Asian buyers.
Berkeley Group is London's largest home builder by volume. It says that of the 2000 homes it sold last year at an average price of 263 thousand pounds, more than 30 percent went to buyers in China and India. This compares with a historic average of just 10 percent. However, some within the industry have questioned the impact this might have on the affordability of homes for local buyers.