Property in North Surrey valued at more than four million GBP has been popular among international buyers over the past few months. Knight Frank has revealed that it has completed transactions worth over 158 million GBP collectively since April 1st 2011. And a large proportion of those making purchases in this area have been from overseas.
In fact, 32 per cent of sales were to UK residents, with 43 per cent of purchasers coming from Russia and the Commonwealth of Independent States. In addition, 15 per cent of buyers were from the rest of Europe, with Middle Eastern and Indian investors each comprising five per cent of the market.
James Cleland, partner at Knight Frank's country department who is responsible for prime sales in North Surrey, commented that the high-end sector in the region has made a "significant recovery" since the start of the financial year. He added: "Many buyers, both international and British, recognise that now is 'not a bad time to buy' and this, combined with a large number of high-quality properties coming on to the market, is leading to increased market activity."
According to the latest UK Housing Market Survey by the Royal Institute of Chartered Surveyors, the south-east of the country moved into positive territory regarding both new buyer enquiries and newly agreed sales during the second quarter of this year. However, it did experience price falls, although these were at a rate below the national average.