Knight Frank has just released the London Residential Review Summer 2013 – the Currency Edition, which assesses the impact of the weak pound on the prime London property market, now and in the future. The weak pound has make property in Prime Central London even more enticing to foreign investors seeking safe havens and will continue to do until 2018.
Highlights of the London Residential Review Summer 2013:
- Prime Central London (PCL) property prices rose 0.7% in April, and stand 17% above their March 2008 peak in sterling terms
- However, prime London homes for Hong Kong dollar denominated buyers in March 2013 are currently 11% below pre-crisis peak in March 2008 allowing for currency fluctuation
- Over the next five years Hong Kong dollar denominated buyers will continue to see a significant discount on London property
- For those Euro denominated purchasers seeking an investment outside the Eurozone, PCL prices have risen 9%
- Overseas buyers accounted for 52% of all £2 million or above homes sold in prime central London (PCL) between March 2012 and March 2013
