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Foreign Buyers Snapping Up London Property

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United Kingdom  Spain  London  Uzbekistan 

By - Wednesday 02 March 2011

Over the past year, a total of 61 different nationalities have purchased property in London, according to the latest figures from estate agents Knight Frank.

The fastest growing nationalities were buyers from Spain and Uzbekistan, the consultancy said. It added that concerns surrounding the eurozone have boosted the number of Spanish buyers by 340 per cent. Increases in wealth in Uzbekistan created from mining and commodities have pushed up demand among buyers by 320 per cent.

Knight Frank research has claimed that prices in London now stand eight per cent higher than the same period 12 months previously.

Liam Bailey, head of residential research at the firm, said that the most important factor pushing prices up in London is the strong demand from foreign buyers.

"Prices slipped in London during the summer and autumn last year, which fitted the wider narrative of a weakening UK economy and a weaker national housing market. The reasons for this growth, and the divergence of this market from national trends, can be partially ascribed to low stock volumes and a desire from buyers over recent months to buy and fix their borrowing costs at very low rates."

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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.

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