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Prime London property 'attracting interest from overseas'

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Prime London property 'attracting interest from overseas'

The number of foreign nationals transferring money from abroad could be set to increase, as prime London property is attracting lots of interest from overseas.

Estate agents Douglas & Gordon has noted that accommodation in the capital is selling very well at the moment, with many buyers from other countries snapping up one-bedroom flats.

Studios were also said to be a popular choice with foreign buyers, many of whom are using them for investment purposes by letting them out to tenants.

Ed Mead, director of Douglas & Gordon, commented: "It is anything that is [able to be] rented out or that ticks all of the boxes."

"Anything like that is going to continue to sell very well."

This suggests the number of people who transfer money to the UKwill remain strong in the near future, particularly as demand for rental accommodation is especially high right now.

LSL Property Services has noted that this is currently outstripping the level of supply, which means rents are going up. As a result, people who buy a rental property can expect to collect healthy returns on their investment.

"The limited supply of rental accommodation means there will be strong upward pressure on rents in the early part of 2012," said David Newnes, director of LSL Property Services.

Mr Mead added that the chances of the eurozone crisis putting foreign investors off buying prime London property are minimal, since policymakers are keen to keep the euro in existence.

Indeed, he said the market will only experience a dramatic change if "net euro buyers become net euro sellers".

This comes after Knight Frank reported that the value of prime property in central London went up by nearly 13 per cent in November 2011 year-on-year. The group said this means prices have risen to the highest level on record.

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