Overseas investment into UK commercial property soared 152% to £15.9bn in 2004, with US investors proving most active through purchases totalling £7.2bn, according to international property adviser DTZ.

DTZs report states that the impressive rise in overall overseas buying volumes has primarily been due to the increased level of corporate and investment portfolio transactions undertaken during 2004.

Richard Turner, DTZ director of investment in Newcastle, said: "Cross-border investment activity reached unprecedented levels in 2004. While we would be surprised to witness similarly high levels of activity in 2005, the increasingly global focus of property investment vehicles and continued out-performance of property versus other asset classes will ensure that overseas investors continue to be a major player in the UK market place."