London Central Property: The city's residential market appeals to overseas investors, International investors will continue to make overseas money transfers to snap up London properties as the market remains a safe haven for capital, according to estate agency London Central Portfolio.
International investors will continue to make overseas money transfers to snap up London properties as the market remains a safe haven for capital, according to estate agency London Central Portfolio.
Its comments come after fellow agency WA Ellis released a report showing that the city's property market remained strong in August with increased interest from international buyers.
Furthermore, this led to a flurry of activity in the rental market, with completed lettings up 50 per cent year-on-year.
London Central Portfolio's chief executive, Naomi Heaton, said that the economic uncertainty in Europe and the US as well as the turmoil in the Middle East is making London's residential market "even more appealing" to overseas investors.
"As an international hub and one of the most desirable destinations in the world, it is highly demanded by global investors and corporate tenants," she commented.
"Located in just six square miles, the almost total prohibition on development in London central restricts stock levels, ensuring demand outweighs supply."
According to the chief executive, the capital has outperformed all other UK assets, including commercial property, over the past 40 years.
Additionally, London has seen values doubling on average every eight years since 1969 with no sign that it will slow down in the near future.
She continued: "The weakness of sterling for many non-residents continues to make London central more affordable and the savvy investors know that it may well benefit from the inflationary environment that the UK is anticipated to see. Few people doubt that the long-term outlook for London central is anything other than bright."