Overseas buyers rush to snap up prime properties
The demand for prime properties from overseas buyers has surged during the downturn, beating records for levels of interest from foreign parties.
Richard Hill Estates, property developer of million pound homes, yesterday said that on average around 30 per cent of prime property enquiries it receives are from overseas buyers, but the figure at the moment is much higher – around 70 per cent.
The weak pound has prompted overseas buyers to search the capital for property bargains and take advantage of the fall in sterling.
And prime property is still seen as a safe haven from the volatile nature of other markets. Because of a short supply of luxury pads available, prices for prime property have been cushioned from the steep declines suffered by the rest of the sector.
During the economic turmoil, estate agents have lost valuable clients from the UK financial sector who have suffered in the downturn.