LONDON
PULse
Martin Bikhit, Kay & Co, “Prices are up,
most definitely, probably between 10 and
15 per cent on this time last year so only
5 per cent or so off of 2007 levels. That said
certain properties in super prime locations
are being sold in excess of these levels.”
Guy Meacock, Prime Purchase:
“Demand overwhelmingly outweighs
supply for a number of reasons. Interest
rates are low, therefore buyers perceive
£1.325 MILLION
bricks and mortar to be a more attractive,
and tangible asset class. Foreign buyers Montagu Square, W1, 2 bed flat with patio
‘We have seen a
have been a major feature of the prime with Kay & Co. at £1.325million.
markets, particularly in London, spurred
marked increase
on by a weak pound which saw them back much of the 35 per cent they lost. in buyers from the
buying at effectively half price off the Some prices are in fact beating those
Far East, most
market’s 2007 peak.” achieved at the height of the market.”
Alex Thompson, Director of Winkworth
notably China and Hong
“No bargains. Prices are very much up. WHO IS BUYING?
Kong. Europeans continue
Prices have recovered by well over 25 per Tim des Forges, Partner, WA Ellis.
to want to invest in
cent in real terms from last year’s, clawing “Many of our European friends, notably
Italians, have taken full advantage of the
London, especially Italians.’
exchange rate by buying in London.
GUY MEACOCK PRIME PURCHASE
Although it puts a disadvantage on sterling
buyers, it caused this mini boom which Italians in particular, keen to take
accelerated in September.” advantage of the strength of the Euro.
Charles McDowell: “We have seen an Typically Italian buyers look for properties
increase in European buyers, particularly with 2-3 bedrooms, between £1-2m.”
Italians, as the current strength of the Martin Bikhit, Kay & Co, “Lots of
Euro represents good value for Europeans Europeans, in particular, Italians, Greeks
wishing to invest in UK property.” and Cypriots are looking to take advantage
Giles Cook, Chesterton Humberts: of the strength of the Euro against sterling.”
“We have seen a considerable increase in Gary Hersham, Beauchamp Estates:
buying interest as the housing market “The Brits are leading the way followed by
began to recover much more quickly the Eurozone purchasers, and of course
£4.65 MILLION
than anyone would have expected, Russians and the Middle East are still
predominantly thanks to the weakness of strongly in the marketplace.”
Above: Wyndham Place, W1, 5 bedrooms Sterling against the Euro and other major James Bailey, Henry & James: “British
with Kay & Co at £4.65million. currencies. Chelsea and the surrounding buyers, Far Eastern, and the odd European
Below: Radnor Mews, W2, a 2000 sq ft area has always been a firm favourite with including Greeks, Italians and French.”
house with Kay & Co. at £2.85million. European buyers and we have seen many Guy Meacock, Prime Purchase:
“We have seen a marked increase in buyers
from the Far East, most notably China and
Hong Kong. Europeans continue to want
to invest in London, especially Italians who
sense that the market, rightly or wrongly,
is offering value once again. They have also
been encouraged to invest their money
here due to a tax amnesty by Silvio
Berlusconi. Foreign buyers have been
particularly active in the core investment
bracket, between £1m and £3m.”
Alex Thompson, Winkworth:
“Europeans are strong. This is of course
supported by their comparative currency
advantage, however not all are buying from
abroad, many are buying in; as Notting Hill
is so internationally diverse.”
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£2.85 MILLION
www.propertydrum.com/articles/pulselondon
30 FEBRUARY 2010 PROPeRTYdrum
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