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London propped up by foreign demand, says expert

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London property market is propped up by foreign demand

International investors may soon make overseas money transfers to put their savings into London properties as prices look set to remain secure, according to Mouseprice.

Selwyn Lim, director at the property market information company, believes that the capital is "unique" because of the demand from foreign buyers.

"The north in general experienced a much higher percentage price rise during the run-up to the bubble bursting, so it stands to reason that when the bubble failed, they had more to lose," he commented.

"Whilst the gap is now increasing, you could argue that the gap was narrowing in the boom years."

While London remains a hotspot for overseas investment, the expert was keep to emphasise that properties weren't just being snapped by by Russian millionaires but was actually supported by people from all over the world.

"The London property market is a safe place to invest cash and as long as this continues, the London market will always behave very differently [to the rest of the UK]," he added. "At the moment, the robust nature of the London market can be attributed to this. "

Travelsupermaket.com recently predicted that London will see increased interest from foreigners following the Olympics due to the high-profile TV coverage.

"It's quite common for the consumer to see films or television in places that they deem to be aspirational or that other people are going to and then want to go themselves," commented Bob Atkinson, travel expert with the group.

"The Olympics here in the UK will have an impact on people wanting to come to Britain, just as in the past the Sydney Olympics prompted a massive interest in trips to Australia."

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