The extent of interest from overseas in London property is demonstrated by one agent in the capital who has not sold a single property to a UK buyer since 2005.
Fine & Country’s Mayfair Office is dealing exclusively with foreign buyers who see London as a safe haven for investment, especially the upper end of the market.
The top 5% of property by value in London continues to outperform those of rival locations in New York, Paris and Hong Kong, according to Julian Lilley, of Fine & Country Mayfair.
‘It is seen as a safe haven both from a security and a financial perspective. London’s property market seems to defy gravity,’ he said.
Not only is the central area covered by Fine and Country Mayfair far exceeding other locations in the property stakes internationally but nationally as well.
‘Whereas most of Europe and many parts of The UK are showing declines in the market in excess of 10%, Central London prices continue to rise, with reports of some areas, such as Mayfair and Knightsbridge, showing increases of over 20% in the last year,’ explained Lilley.
A further pull for overseas buyers is the world class education provided in London. ‘Following the summer, our many Middle Eastern clients are returning to London eager to buy houses or to rent apartments for their student offspring. London is also an historic and cultural centre with a reputation for tolerance as well as being a funky place to live,’ he added.
The demand from overseas investors for expensive homes is reflected in the number of developments currently under construction in London which are presently priced at £38 billion.
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