Renewed Demand for Prime London Property

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Despite a challenging environment, the prime London residential sales market has enjoyed a strong pick-up in the first half of 2010.

Although we anticipate a more restrained housing market in the second half of this year, prime London will continue to be the address of choice for many.

Winkworth prime London estate agent offices are achieving unprecedented prices, and in some cases even higher than the peak of the market in 2007.

Alex Thomson, director of Winkworth Notting Hill, says:

"Housing markets in sought after locations in London have showed resilience through the economic downturn. With so many unprecedented events clouding the economic and political picture, property remains one of the most enticing investment choices for many and there are always people looking to transact. Sterling's weakness coupled with a lack of attractive investment opportunities continues to provide support. Although we anticipate a more restrained housing market in the second half of this year, prime London will continue to be the address of choice for many."

The prime London market has been driven by wealthy British buyers and foreign investors, viewing the prime London market positively as investment and for residence. An analysis of foreign buyers coming to Winkworth's prime London offices in the three months to June 2010, showed the Italians representing 32% of foreign buyers, with the French (11%) and Spaniards (4%) the only other significant EU nationalities. There are also a lot of buyers from the Middle East, especially the UAE (17% of buyers) and to a lesser extent Saudi Arabia (2%). Americans and Russians are also active (each 10%), as are Chinese and Indian purchasers (7 % and 6% respectively).

"We believe overseas buyers view the prospect of investing in prime London residential property as a relatively secure long term investment, especially if a substantial discount is available via favourable currency exchange rates" Tom Dogger, director of Winkworth Knightsbridge & Chelsea.

A penthouse in Boydell Court St John's Wood was recently sold to a buyer from the Far East, through Winkworth St John's Wood. The triplex apartment (on the 9th, 10th 11th floors,) was priced at £3,750,000.

Russell White, director of Winkworth Putney, whose office has just recently handled the sale an 8 bedroom house in Heathview Gardens for £5.3 million - one of the highest prices ever paid for a property in SW15, adds:

"The Putney sales market has enjoyed a strong pick-up in the first half of 2010 and we are achieving unprecedented prices, in some cases even higher than the peak of the market in 2007. The house in Heathview Gardens is one of the very finest in Putney, and its sale demonstrates that confidence has come back to the market since turmoil of the financial markets in 2007".

As one of UK's leading estate agents, with 58 offices in London, clients selling through Winkworth will benefit from the recognition of a market leading estate agency brand and access to an extensive database of buyers registered across the Winkworth network in London, UK and overseas.

For more information please contact Bola Sodeinde at Winkworth press office on +44 (0) 8576 5598

Notes to Editors

About Winkworth:
Winkworth is a leading franchisor of residential real estate agencies and is listed on the London Stock Exchange.

Established in Mayfair in 1835, Winkworth has a pre-eminent position in the mid to upper segments of the central London residential sales and lettings markets. In total, the company operates from over 80 offices in the UK, France and Portugal, having doubled in size in recent years.

The franchise model allows entrepreneurial real estate professionals to provide the highest standards of service under the banner of a well-respected brand name and to benefit from the support and promotion that Winkworth offers. Franchisees deliver in-depth local knowledge and a highly personalised service to their clients. http://www.winkworth.co.uk

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Bola Sodeinde
Winkworth
+44 (0) 8576 5598
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