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More Foreigners Entering Luxury London Property Market

Wed, 02 Mar 2011
An increasing number of luxury properties in central London are being snapped up by international buyers, it has been revealed

Figures released by estate agents Knight Frank show that a total of 61 nationalities have bought homes in the capital over the last twelve months, up from 46 the previous year and the highest figure on record.

The fastest growing nationalities have been buyers from Spain and Uzbekistan. The number of Spanish buyers entering the London property market has soared by 340 per cent, while demand among buyers from Uzbekistan has risen by 320 per cent due to the increase in wealth created from mining and commodities.

Liam Bailey, head of residential research at Knight Frank said property purchases made by Uzbek nationals had jumped from just a handful to around 15 in the last year.

He added that the growing demand for London hosuing from international buyers had pushed top-end prices back to just 2 per cent below peak levels recorded in March 2008.
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