17 May

Houses for sale in London have 'weathered recession'

Houses for sale in London have 'weathered recession'

Real estate developers need not worry about property for sale in London during the economic downturn, it has been claimed.

The capital has weathered previous "storms" such as the 80's downturn very well, according to Omni Capital.

The finance solutions company says factors such as the weak pound and wealth created in Asia has helped to boost investment in houses for sale in London.

Paul Munford, chief executive of Omni Capital, argued on the Property Week podcast that the city is somewhere people want to live.

He explained: "It's on a great time zone, it's got a good climate, a good legal system and is a place that people want to live. That's helping its property market."

London is seen as a "safe haven" for investors, he added.

Landlords offering property to rent in London will see good returns, according to figures from Savills.

Rental property in greater London saw average rent rates rise by 16 per cent in 2010.ADNFCR-1222-ID-800547041-ADNFCR

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