1 August, 2011
The real estate broker said the rising prices was due to buyers from mainland Europe seeking a haven from economic instability.
Grainne Gilmore, head of UK residential research at Knight Frank, said: “The increase in supply is in no way making up for the pent-up demand, with everything that’s going on in the eurozone, London is definitely seen as a safe haven. You can’t underestimate the demand that is coming from overseas.”
Bloomberg said: “The pound’s 22% slide against nine other developed-market currencies, as measured by Bloomberg Correlation-Weighted Indexes, since the market’s previous peak in March 2008 has also made an apartment or house in London neighbourhoods more affordable for overseas buyers.”
Source: The Mortgage Introducer
|
