If you’ve been hearing nothing but negative news about the London property market, all is not quite as it seems.
February was a good month for the city, and prices for prime London residential property are up 19 percent since the spring of 2009, and house prices in the main London neighbourhoods are only 10 percent below the market March 2008’s peak.
Yes, the UK deficit is concerning, and in most areas things are probably going to get worse before they get better, however, thanks to foreign buyers there is indeed an uptick.
45 percent of the purchases of more than £2 million in the last 12 months have been purchased by non-U.K. buyers, with demand particularly coming from Asian investors, led by buyers from Hong Kong, Singapore, Malaysia and Thailand.
Once you get to properties above the £5 million racket, demand is particularly impressive. This is particularly pertinent to suburbs such as Mayfair and Kensington where buyers are willing to ignore national economics and buy for the prestige.