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:
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