Buy Abroad News

14 Jun 11

London Home Owners Cash In On Foreign Interest

With so much uncertainty in the world, London is becoming a magnet for ruch foreign buyers looking to leave war-torn countries. For those who have the money, then the prime London areas such as Chelsea and Fulham are proving irresistible. This is pushing UK homeowners "cash in" their chips and take advantage of the increased interest, instead opting for one of the suburbs, where their money buys a lot more house.

Upmarket property consultant Savills (SVS.L) said increasing numbers of British homeowners were relocating from London's best districts where British sellers of homes have outnumbered buyers by 30 percent this year, compared with 7 percent in 2008.

Foreign buyers outnumber sellers by 58 percent in 2011, up from 23 percent in 2008, the research found.

Foreign buyers inject more than 3 billion pounds ($4.9 billion) into London property each year, Savills said, the bulk of which -- 2.7 billion -- wais used to snap up homes in billionaire enclaves like Chelsea and Mayfair.

"London property is one of the country's biggest exports," said Yolande Barnes, head of Savills Research.