Luxury Overseas Property Buyers Head For London

Overseas property website Homesgofast.com reports an increase in demand from international buyers seeking property in London, at same time the property acquisition firm ‘Prime Purchase’ report the problem of a lack of supply of luxury London homes.

 

It appears that international investors and lifestyle buyers now see London as the place to put their money the international property website Homesgofast.com have received a 35% increase in finding requests for London from overseas clients in July 09. At the same time similar news comes from a Prime Purchase a property acquisition company.

Nathalie Hirst of Prime Purchase London says: “We now have an increasing number of international buyers registered and seeking investment property in the £2 million to £5 million price range as well as those seeking higher value houses and flats as London homes. These buyers are undoubtedly helping to strengthen confidence”.

London property prices are way above the national average  with the average house price in the capital touching £302,000, down 12.5% on June 2008

Of the prime areas, Prime Purchase has noted that properties in Belgravia, Chelsea, South Kensington and Mayfair are the most sought after at present and that prices in these areas are firmer with some deals being done. The demand for good quality family houses, especially in Kensington and Chelsea, is strong but supply still remains a concern. Lack of supply is helping to strengthen the market in these areas.

Prime Purchase still say that lack of stock is a key factor affecting the prime London market and estimate that the supply of the quality properties of the type their buyers require is down 40 per cent on last year. And they still remain concerned about uncertainty in the UK economy in terms of interest rate rises, inflation and unemployment.