Insurance News Archive
Buy to let insurance policyholders told London is "safest of havens"
Posted by Jonathan Walker
Foreign buy to let insurance policyholders are investing in London property because it is "probably the safest of havens", according to one of the city's estate agencies.
The latest research from lettings firm Savills revealed that 55 per cent of the capital's property transactions in the last 12 months were made by overseas buyers, compared to a figure of 45 per cent at the market's 2007 peak.
Nigel Ellis, director at Prickett and Ellis, said that a combination of reduced house values and a weak pound have created "bargain prices" for foreign investors.
He said: "It is the way it always will be - if prices come down in international terms, you get more international buyers."
Mr Ellis added that current low interest rates mean that overseas buyers are likely to continue being attracted to prime central London location in the coming months.
The Land Registry reported on June 1st 2010 that house prices rose by an average of 0.2 per cent in April, demonstrating an annual increase of 8.5 per cent.
08 Jun 2010
