12 May

Problems with euro 'will boost London property market'

Problems with euro 'will boost London property market'

Property for sale in London may be boosted by the flagging fortunes of the euro, it has been suggested.

Nigel Ellis, director at Prickett & Ellis, stated that the financial problems of the currency are likely to lead to increased foreign investment in the UK housing market.

People will see the country as a relatively safe place to invest, the expert predicted.

He added: "Even if we have inflation, I think inflationary times have shown that property is a bit of a hedge against inflation - it is an asset that is related to inflation and tends to go up with inflation."

His remarks followed the release of a report by the Royal Institution of Chartered Surveyors, which revealed that house prices in London are increasing.

It noted that 55 per cent more surveyors experienced rising rather than falling house prices in April, which was up from the 32 per cent recorded during the previous month.
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