UK Money News
3rd June 2008
Overseas investors will fuel demand for superprime homes
Foreign investors are set to ensure that there is no shortage of demand for superprime properties in London.
Figures from the Bank of England showed that just 58,000 mortgages for house purchase were approved during April - a sign of the weakening levels of demand for property in the UK market.
However, according to Liam Bailey, head of residential research at Knight Frank, London properties priced between £5 million and £10 million will continue to be in demand due to the international clients they typically attract.
He explained: "When you go above £5 million, it becomes very much an international market - the people who are buying are overseas buyers.
"They are generally coming from countries like Russia, Ukraine, Kazakhstan, the Middle East and the Far East, and they are bringing with them wealth from economic sectors that are untouched by the credit crunch, such as oil, gas, commodities and so forth."
Mr Bailey added: "They are still buying and they are buying more now than they were last year. It is very healthy at the moment."
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