Written on 7 March 2017 by Alistair Boscawen in Property News
London’s ‘ultra prime’ property market is once again a focus for wealthy foreign buyers as the weak pound offers strong value against the US dollar.
At present, the currency exchange is favourable to US dollar buyers purchasing high-end property in London.
According to the 2017 Ultra Prime Barometer Report, the strength of the US dollar against the pound sterling has contributed to a 3% rise in the sale of properties in areas like Mayfair and Belgravia to US-based buyers over the last six months.
Likewise, the number of purchasers from the Middle East increased by 10%, while sales from Indian buyers based in the UAE increased by 5%. This is not surprising, given that the majority of Middle Eastern countries are pegged to the US dollar.
Prices in prime central London have fallen in recent months. Figures published last month revealed that prices in Mayfair fell by 4.4% in January, and 13% in Chelsea.
While enquiries and sales from UK domestic buyers has cooled in recent months, mainly as a result of stamp duty increases and the uncertainty surrounding Brexit, the weaker pound has tempted wealthy foreign buyers to invest in areas like Belgravia and Mayfair.
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