The Effect of Foreign Investment In The Purchase of London Properties
One of the most significant factors fueling the fast growth of London’s property prices is overseas investment. It is surprising to see just how much buyers from outside the United Kingdom are influencing prices in the capital. To put it into perspective recent research has shown that around sixty percent of properties worth more than four million pounds purchased in central London were bought by foreign nationals. Most of these are high flying brokers and executives working in the City. They are attracted by the huge tax breaks given to foreign investors by the UK Government. In the past when it came to making a decision to buy property London luxury apartments, flats and houses were simply purchased for convenience for the duration of their employment contract, then sell when they left. Now however many of these high flyers are holding onto property as an investment.