Euro crisis lifting London overseas property market

The Eurozone financial crisis is driving another wave of overseas property buyers to London, eager to invest as quickly as possible, says leading local agents.

“Overall concern on seeking to escape the impact of the Eurozone crisis has lead to an increased demand from investors who are looking to buy quickly,” says agency group Marsh & Parsons.

Peter Rollings, the chief executive of Marsh & Parsons, told OPP this week that “buyer demand tends to slow in the run-up to Christmas, but a corps of committed, less speculative buyers has hit the market recently. While general buyer demand has been more muted in autumn, those looking to buy are moving quickly, and this has triggered an increase in the number of offers being made.”

“However, this is not simply down to families looking to move before the New Year. As investors increasingly see their assets exposed to the meltdown in the Eurozone, a growing number are heading for the financial security and strong yields provided by property in the capital - with a new urgency.”

Rollings has seen this trend cause a noticeable rise in the number of properties under offer. Volumes are up 21% year-on-year says the agency, and November “under offer” figures were up 9% on October.

http://www.opp.org.uk/news-article.php?id=6012