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Property in London is looking increasingly attractive for foreign buyers, despite the fact that they prices are now at an all-time high.

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Marc Da Silva

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0207586 9060

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www.johndwood.co.uk/

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Property in London is looking increasingly attractive for foreign buyers, despite the fact that they prices are now at an all-time high.

A growing number of overseas nationals are taking advantage of weak sterling by purchasing property in London, pushing up prices in the process.

Homebuyers from China are among leading overseas property purchasers buying homes in London, with demand driven by currency exchange rates that present overseas buyers with discounts of up to a quarter on purchase prices.

Research shows that Chinese buyers benefited from a 24 per cent purchasing power discount based on the yuan-sterling forex exchange rate between the peak of the prime London housing market in March 2008 and the end of October 2011. Singaporean buyers got a 22 per cent discount, Malaysians received 18 per cent, while buyers with U.S. dollars received a 16 per cent discount.

Greater demand among foreigners looking at property for sale in Holland Park, Mayfair, Belgravia, St John's Wood, Regent's Park, Kensington, Notting Hill, Chelsea and Knightsbridge, among other primary destinations in London has seen property prices in these areas increase by in excess of 30 per cent in the past two years.

A lack of property for sale in Primrose Hill has ensured that capital growth has also been significant in this popular part of the capital.

Aside from a favourable currency exchange rate, many foreigners also perceive London as a safe place to protect their assets from political and economic instability in their home countries.

But while activity measures suggest that market conditions will remain strong in the central London market during the foreseeable future, there are pockets outside the capital that are benefitting from a hike in demand among overseas nationals.

This is a particularly interesting time in the Lymington property market in Hampshire, for example. John D Wood & Co.'s Lymington office has seen a major increase in sales enquiries in recent months, with many more prospective buyers from outside the area wanting to be informed about any new property for sale in Lymington.

Unsurprisingly, property prices, supported by a high volume of foreign buyers, are expected to continue rising in some parts of the country, led by London, where experts project growth of around five per cent next year.


For more information about buying a property in Primrose Hill through our Primrose Hill estate agents call 0207586 9060.
For more information about buying a property in Holland Park through our Holland Park estate agents call 0207 727 2233.
For more information about buying a property in Lymington through our Lymington estate agents call 01590 677233.
Alternatively visit our website at: www.johndwood.co.uk.