Seven out of ten buyers of central London homes priced at GBP5 million or more come from overseas estate agency, Knight Frank, reveals. Russians, Americans and Italians are the three biggest groups of overseas buyers.
With the Pound down by 28 per cent against US Dollar-pegged currencies since March 2008, London property prices are still relatively cheap for Saudis, Emiraties, Hong Kongers and others, despite a revival in the British capital's housing market over the past year.
With the Pound down against a range of other currencies, including the Euro, buyers from 51 countries have piled in to central London this year. New arrivals include Chinese and Vietnamese.
Demand for multi-million pound homes at new developments like The Lancasters, in Bayswater, and One Hyde Park, Knightsbridge, are dominated by foreign buyers. New apartment blocks around Canary Wharf, including Pan Peninsula, are popular with investors from the Far East.
Even in suburban districts, like Richmond, 40 per cent of buyers of homes valued GBP2 million or more, come from overseas.
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Dear Estate Agents Canary Wharf,
ReplyDeleteThank you for your kind comment. Your question is good and I don't really know the answer. Maybe I should start tweeting. After a lengthy absence, I shall be posting more pieces very soon.