3 Jul

London property purchases 'on the up'

London property purchases 'on the up'

For the first time in two years investment in London property has gone up, which is a sign that the market is recovering, it has been claimed.

Figures released by property agents Cushman & Wakefield (C&W) show that during the second quarter of 2009, £1.43 billion worth of deals were completed in central London.

The Telegraph reports that overseas buyers are heading to the capital in search of cheaper properties, available as a result of the economic crisis.

Also adding to the attraction of a London property is the current weakness of the pound.

Clive Bull, head of central London investment at C&W, said that the improvements are not a "false down" as there is £275 million worth of stock still on offer in the West End.

In related news, Hirch Way & Ambler recently revealed that the high-end property market is improving in the UK and in some cases there is a shortage of more top-of-the-range stock.

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