Global property investors
are turning to London thanks to currency discounts gained from a weak pound, it has been claimed.
According to Hamptons International, foreign buyers are benefitting from discounts of up to 35 per cent on UK property prices, which is driving activity in the prime central London property market.
Research conducted by the firm in partnership with currencies.co.uk found that 72 per cent of buyers in this market are from overseas.
The weak pound means that significant discounts are available for international buyers, with Japanese buyers making savings of 35.8 per cent and those trading in US dollars or dollar-pegged currencies
are getting discounts of 20.08 per cent.
Andrew Phillips, director at Hamptons International, commented: "Russian, Middle Eastern and Chinese buyers have long been regulars on the prime central London property market scene.
"Significant currency advantages have further encouraged these buyers to look to London property, whether it's for investment or to expand their personal property portfolio, making London the world's capital city."
- Friday 10 December 2010