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Foreign buyers remain keen on London

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Foreign buyers remain keen on London

Overseas property investors are still keen on purchasing real estate in London, an estate agent has insisted.

The latest statistics from Knight Frank have revealed that during July 2012, average prices in the prime London property market went up by 0.5 per cent - slightly lower than the amount recorded in previous months.

According to Nigel Ellis, director at Prickett & Ellis, it "does feel a bit like London has gone to sleep a bit" at the moment.

However, he stressed this is due to the time of year rather than any fundamental change in the way the market is perceived.

Indeed, Mr Ellis said summer means many people are enjoying their holidays at the moment, while some are waiting until the Olympic Games are over before they begin making a transaction.

"We have had surges of buyers from various parts of the world coming over and maybe that has just eased off for a bit," he commented.

Mr Ellis also pointed out that Knight Frank's latest figures show that prices in the prime central London market are still on the up, which means it remains "active".

Knight Frank described London as a safe haven for foreign investors, due to the continuing debt crisis in the eurozone.

This suggests that real estate buyers from other countries may remain keen to transfer money to the UK and purchase British property for the foreseeable future.

Property values in central London are now 13.5 per cent higher than they were when the market last peaked more than three years ago, which means prices are now "at a new record high".

Figures from Knight Frank also showed values are 49 per cent up on the amount recorded during the trough in March 2009 – during the aftermath of the credit crunch and the banking collapse.

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