London property attracting overseas investment

There has been an increase in the number of foreign property investors looking to buy real estate in London, with many viewing the market as a safe haven, Prickett and Ellis has revealed.

According to the estate agents, the combination of competitive house prices and the weak currency has created "bargain prices" for overseas speculators.

"It is the way it always will be; if prices come down in international terms, you get more international buyers. But it has come down nevertheless, so that must be good news for the domestic market," Nigel Ellis, director of the company, explained.

The property expert was speaking in response to research carried out by Savills which revealed that 55 per cent of all property transactions in the centre of the capital were made by foreign buyers last year.

Mr Ellis added that the influx of investment from abroad was likely to continue if the Bank of England keeps interest rates low, with individuals "looking for a safe haven and London is probably the safest of havens".

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