Foreign Buyers Now Make Up 70% Of London Market

Foreign Investors now account for nearly 70% of all luxury properties being bought in London.  This is a 20% increase in the past year on properties selling for over £5 million.  The influx of new buyers into the London market has caused house prices to rise by about 0.9% during the month of June, meaning home prices are about 20% higher than they were a year ago.  Although home prices are rising, foreign investors, especially those from the United States, China, and the Middle East are still able to buy properties at discounts of up to 31% according to Knight Frank.  The weak Sterling compared to other currencies is causing the temporary recovery in home prices as well as the discounts available to foreign investors.  Foreign investors now see the weakened Sterling as an opportunity to acquire much valued property in the London market at a discounted rate.