The Brits are buying up luxury property in London

Among the buyers of elite real estate in London more than the British themselves than foreign investors. According to the latest data, the share of buyers from the UK account for 59 % of all transactions on the real estate market in the UK worth more than £ 2 million.

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Traditionally, London is the place attracting foreign investment, however, during the recession flow of funds from foreign investors, the British themselves have a huge interest to the market of elite housing in London. The trend is that UK shoppers spend more money and in 2013 the trend strengthened.

Increasingly persuaded of the stability of the market, British buyers have taste for luxury housing extra class. They are attracted to the unusual and the refined architecture of exclusive homes and the uniqueness of the location is the availability of real estate with a prestigious postcode. Londoners will appreciate the luxury of silence and space of comfortable housing in the centre of the bustling metropolis.

The latest data on sales in 2013 – proof. The number of transactions concluded by “Prime” index – W14, W11, W10, W8 and W2 36% more than a year ago and the demand increases.

Customers in Notting hill, Holland Park and Kensington have spent an average of £126000000 per month, which is 17 % more than in the same period in 2012.

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Despite the fact that the analysis of these data must take into account the growth of prices on the market of elite real estate of London at 9.1 % , which took place over the last 12 months, it is obvious that the number of transactions also increased.

Particularly noticeable growth in the last three months total sales increased by 22% compared to the same period a year ago. The number of apartments sold increased by 25%. Demand for homes over £ 2 million was especially noticeable this year, and the number of transactions increased by 24% over the past three months.

In recent years, the lack of facilities for investments as a key factor hindering the flourishing of London and the number of potential interested buyers exceeded the number of proposals. In the same year, the number of proposals has increased significantly.

In the first quarter of 2013 the number of new objects of elite real estate in London was 65% higher than in early 2012. The most significant investment this year was in Notting hill, Kensington and Chelsea, the amount offered for sale of luxury property rose by 101% and 86%, respectively.

Full clarity on the implications of the new annual fee for maintenance of objects of real estate in the UK and changes in the rules of owning offshore property over £ 2 million, led to an increase in sales activity more expensive than £ 2 million, and an increase in the number of new objects of real estate. Thus, luxury properties in London will continue to cause huge interest from foreign buyers, and by the British themselves as the most preferred asset.

® Alice Morgan 07.05.2013