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Buyers race to snap up Central London homes

Thursday, 26 May 2011 4:22 PM

British and overseas buyers are battling it out for homes in Central London and driving up prices, says property consultant Cluttons.

The firm says the competition among buyers for the best properties, as well as a shortage of homes for sale, prices are now up to 20 per cent higher than at the peak of the market in 2007.

And more evidence of strong demand from overseas buyers also came today from another property consultancy, Knight Frank. Its research shows that 60 per cent of new-build property sold in Central London in the six months between November and April went to buyers from Asia.

Despite the quiet Easter and Royal Wedding bank holiday weekends, Cluttons said demand across the capital was up by almost 50 per cent in March and April compared to the same period last year.

And the firm says anyone looking to sell is in a strong position to take advantage of the shortage of property on the market and strong buyer confidence.

James Hyman, partner for residential sales at Cluttons, said: "Activity levels in Central London are now picking up rapidly as buyers recognise that price growth is set to continue for the foreseeable future. They are keen to buy sooner rather than later, when the market is likely to be even stronger.

"Central London property has proved to be the only stable investment throughout the downturn, and increasing numbers of domestic and overseas purchasers are trying to buy a stake in it.”
 

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