Mortgage Introducer: Foreign buyers in London fall
Thu 19 Nov 2015
Overseas and foreign nationality buyers accounted for just over a fifth of all prime London property purchasesduring Q3 2015, research from Marsh & Parsons shows.
This was down quarter-on-quarter and is also down from 25% of all sales during the third quarter of 2014
Domestic buyers meanwhile have risen to a new level of prominence in the London property market.
During Q3 some 79% of property purchases were made by domestic UK buyers, up from 75% a year ago.
Sales activity from domestic buyers has surged forwards to fill the gap left by overseas buyers and investors whohave been left more cautious by the strong sterling, stricter government measures on non-domicile status andheftier stamp duty for higher value purchases.
Peter Rollings, chief executive of Marsh & Parsons, said: "The London property market has had to grit its teethand bear the brunt of some rather trying taxation changes in recent months.
"At the high-end buyers are at the rock face of the new steeper stamp duty, and from overseas the strength ofsterling, and government encroachments on nom-dom status make investing in the London property marketseem daunting.
"This has cast some shadows over the capital, but the millions of Londoners who live and work in the city haveacclimatised much more quickly to the property taxation changes, and have risen up to fill the void left byoverseas purchasers and investors.