If you’re looking for London properties marketed overseas, you may not be seeing the whole picture as there has been an increasing number of properties which are marketed strictly in the United Kingdom alone. The number of foreign buyers of London property has been on the rise, and Londoners are getting a little agitated by the recent influx, which is not aided by rising home prices.
Recent additions to the London property market include luxury homes in the Nine Elms district in London. Lauded to have luxury fittings by Versace, they join the ranks of highly-priced and prized properties in the exclusive and expensive districts of Knightsbridge, Kensington and Chelsea. Situated in the borough of Wandsworth, prices of the luxury apartments here are twice the average of properties in the area, ranging from ￡1,600 to ￡2,000. Developments in this district include the Battersea Power Station, with 20% of the buyers coming from Singapore. Singaporeans have also made up 5.3 per cent of overseas buyers of prime properties in London.
Photo credit: batterseapowerstation.co.uk
Despite an increased stamp duty this quarter, home prices in London which have dipped slightly, are still high as demand for properties in less expensive suburbs continue to rise. But locals are becoming disgruntled as London faces a housing crunch with simultaneously rising property prices. Would this indicate possible changes in policies and regulations in the year ahead? How would that affect foreign property investors?