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Foreign property buyers drawn to London

Foreign property buyers drawn to London

Real estate buyers across the world are keen to snap up property in London, experts have noted.

According to MyLondonHome, demand from international investors does not seem to be waning, despite ongoing problems in the UK economy.

Steven Herd, managing director of the organisation, noted that rising unemployment in Britain is also failing to deter buyers from overseas, along with the reluctance of mortgage lenders to provide finance.

Since the availability of housing is limited in some parts of the city, this demand from abroad is helping to push up prices in the region.

"We feel optimistic about the outlook for 2012 and expect positive price growth," Mr Herd commented.

Estate agent Prickett & Ellis believes central London is proving to be particularly popular with buyers from overseas. According to director at the firm Nigel Ellis, interest is coming from a number of different countries.

For instance, he said several Greek investors have snapped up property in the region in the last few months, while buyers from Iceland are also looking at investment opportunities. Mr Ellis noted that people in the Middle East have been drawn to central London as well, with buyers in this part of the world "bringing quite a lot of money over here at the moment".

"I am not quite sure which nationality is flavour of the month," he remarked. However, his observations suggest foreign property buyers will continue to transfer money to the UK to snap up real estate over the coming months and years.

Mr Ellis added that many of the properties that are appealing to foreign investors are worth seven-figure sums, with some people purchasing homes valued at around £8 million.

"I still think that it is the multi-million pound places in central London that are getting all of the attention," he commented.

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