Despite UK real estate prices rising 9.1% on average, overseas buyers are still firmly fixed on London, where prices have risen up to 30% year-on-year and investors are showing an “insatiable demand”, agents say
Even with UK property prices rising 9.1% a year on average, most overseas prices will still target prime central London, where prices are rising by up to 30% a year, say market experts.
UK house prices rose 9.1% annually to February 2014, up from 6.8% in the year to January 2014, according to the latest data from the Office for National Statistics (ONS).
Values rose 9.7% in England, 5.3% in Wales, 2.4% in Scotland and 2.8% in Northern Ireland, with the average home price at £253,000.
Annual house price increases in England were driven by rises in London of 17.7%, the South East at 8% and the East of England at 7.7%. England is the only region where property prices are higher than the pre-financial crisis peak of January 2008.
Naomi Heaton, Chief Executive, of investment specialist London Central Portfolio Limited, tells OPP Connect, “The overseas investor would prefer to allocate their money to a global market, such as prime central London, where prices are driven by a lack of supply …read more