8 Jun

London property market 'is popular among investors'

London property market 'is popular among investors'

Property for sale in London is proving a hit with investors, according to one expert.

Commenting on the issue, Nigel Ellis, director at Prickett & Ellis, said a combination of reduced prices and a weak pound have created bargains for those outside the UK looking to secure real estate in the capital.

He remarked: "It is the way it always will be; if prices come down in international terms, you get more international buyers."

Mr Ellis went on to say that interest rates will probably stay low for a while, although some groups are encouraging the Bank of England to raise them.

His comments followed the release of research from Savills, which showed that 55 per cent of all property transactions in prime central London over the last year were made by foreign buyers.

This was a rise from the figure of 45 per cent recorded in 2006 and 2007.

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