Foreign buyers snap up half of Central London’s million pound properties

Written on 15 October 2013 by Alistair Boscawen in Property News


We give you the latest update on what's hot in the property news. This week we're looking at foreign buyers and their role in the London property market.

Almost 50 percent of buyers of Central London property worth more than a million pounds were foreign, according to the latest research. Apparently, Russians, Europeans and those from the Middle East are dominant buyers – although nearly three quarters of purchasers do actually live in the UK.

Neighbourhoods in Kensington, Mayfair, Knightbridge and Hyde Park are considered: "Central." Whether this will put pressure on the Government to tax those who are foreign-born buying property remains to be seen, but the report stresses that outside of these hotspots most of the purchasing was in fact done by UK nationals – with 93 percent of buyers of all newly-built properties in London being from the UK. For more on this news story read on below: 

Telegraph

images from freedigitalphotos.net

Alistair Boscawen

Alistair has 32 years’ experience as an estate agent, starting in the country house department of one of London’s main international agencies before moving to the Knightsbridge house department of the same agency and learning the difference in values between freehold, long lease and short lease houses in Knightsbridge, Belgravia, Chelsea and Mayfair.

All articles by Alistair Boscawen

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