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Economic fundamentals remain strong

London's economic fundamentals remain strong

Affluent millionaires across the world are still keen to tie up funds in the UK market, experts have noted.

According to international estate agent Cluttons, London in particular is very popular among wealthy foreign nationals, as it boasts strong economic fundamentals, the Telegraph reports.

"The city attracts dynamic businesses and skilled professionals from around the globe," said Bill Siegle, a senior partner at the firm.

"This gravity effect underpins the city's appeal to wealthy individuals looking for investment opportunities in the next 12 months."

Many are choosing to put their money into residential property in London. Indeed, figures from London show that almost two-thirds of millionaires from outside the UK consider it their first-choice asset class.

This goes some way towards explaining why London's property market has been booming during a time of recession, since this has led to conditions stagnating or deteriorating elsewhere in the country.

"Quite remarkably, 43 per cent of these highly mobile investors state that the global financial crisis has had no impact on their view of London as a top investment target location," Mr Siegle observed.

This was said to be partly because the UK is not part of the eurozone and therefore not as affected by the financial bloc's ongoing debt crisis to the same extent as other key European markets.

While this represents a boost for Britain during these difficult times, the latest figures from the British Chambers of Commerce indicate the country is still some way off experiencing an economic recovery.

Although the group does not agree with the Office for National Statistics that the UK has been in a technical recession for three quarters in succession, it believes the economy remained stagnant between July and September 2012.

The organisation stated that the weak economy is impacting on business confidence and putting them off investing. This, it said, means the UK economy needs to do more to drive growth and improve sentiment among British enterprises, while still reducing the country's budget deficit.

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