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Weak sterling drives foreign investment in London

Tuesday, 21 September 2010 6:00 PM

The weakness of the sterling against the euro has seen an influx of investors from the Middle East and Russia to London's prime property market, it has been claimed.

Stephen Mills, business development director of Mivan Prime, said demand for top-end houses is remaining "very strong", helping the market to recover by about 20 per cent from its low in 2009.

"We are also seeing an influx because of the instability in Greece, so we've seen buyers coming into the prime market which is ten million pound plus houses," he added.

Mr Mills went on to say that while there is some local activity, the trend is for people to hang on to their properties and develop them, leading to reduced supply which is driving prices up.

According to estate agency Savills, prime residential property is selling at a record rate, with £850 million spent on homes worth £5 million and over in the capital between April and June this year.

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