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London attracts Euro buyers - 11 May 2010

Prime London prices rose by over 1% in April, as did sales volumes, partly fuelled by increased interest from the Eurozone.

House prices in prime central London rose by 1.3% in April, according to the latest index from Knight Frank. The sales volumes year-on-year were also up, 18% in a year, although they fell on a month-by-month basis as the election campaign took its toll.

‘Anecdotal evidence suggests that the election has had the impact of slowing purchase interest in the market,’ said head of residential research Liam Bailey.

However demand from abroad has kept the market buoyant, the report found. Following the weakening of the pound, overseas buyers have increased their market share again with the number of nationalities buying prime property in the capital growing as German, Indian and Pakistani buyers are all found to be showing a presence at the current time.

Particular demand has been seen from Greek buyers in recent weeks -the current Eurozone crisis centring on Greece has produced higher levels of interest from Greek buyers seeking a ‘safe haven’ purchase: ‘Greeks have averaged around 3% of all prime central London £2m+ purchases over the last three years but in the six months to the end of March their share of the market has doubled to 6%, although it still lies far behind that of the 13% accounted for by Italians and the 15% by Russians,’ added Mr Bailey.

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