Property sales are hotting up in the Prime Central London market, with the decline in high-end property prices coupled with the value of sterling attracting an increasing number of overseas buyers and investors.
The comments come from North London estate agent Glentree International, which claims to have seen a surge in buyers coming from regions such as the Middle East, Iran and Eastern Europe – particularly during the last two months.
Trevor Abrahamsohn, founder of Glentree International, claims that there has been more activity in the London property market in the last eight weeks than in the last two years.
According to the agent’s records, Eastern European buyers have pumped £120m into Northwest London property alone, while those from the Middle East and Iran have “been taking advantage of the reduced property values and currency gain, which together, represents a near on 50 per cent discount,” according to Mr Abrahamsohn.
“After all the negative effects of the Stamp Duty hikes, Non Dom changes, and so forth, the middle to upper sectors of the London property markets have been in a parlous state,” he said.
“Values have been dropping by 25 per cent or more, and the time taken to sell properties in excess of £5m has increased.
“The good news is that since Brexit has devalued the pound by 15 to 20 per cent, the word is out amongst the international community, that property in ‘the greatest city on earth’ is cheap,” he added.