Peter Rollings commenting on the London Property Market
Mon 08 Nov 2010
"London house prices were hit heavily by the downturn - but it was the first area to begin to bounce back. At the start of the year, we predicted that London prices would rise by 5 to 7% in 2010. Despite the recent slowdown in the wider national market, we've already seen our prediction realised. The London market operates almost independently of the national housing market, and has been somewhat insulated against the mortgage funding difficulties that have reined growth in the rest of the UK. In central London, over half of all house purchases are made by cash buyers - unaffected by issues of mortgage finance."Increasing demand for prime property from both homegrown and international cash-rich buyers, coupled with a still severe shortage of stock, is keeping upwards pressure on prices. As the City has shown signs of picking up, homegrown buyers have remained active, with many looking to invest improving salaries and re-instated bonuses on property in the capitals centre. Foreign investors, too, are a major market force, and London remains one of the most sought-after locations for international buyers. Activity will remain buoyant over the next few years as we see a growing influx of foreign buyers from as far afield as China, India, South and North America and all parts of Europe - London is a magnet for the overseas buyer. While prices won't rocket up in the run-up to Christmas, the capital's housing market is set to continue its recovery in 2011, with a further 5% rise in house prices likely."
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