In the West End there has been continued demand from international buyers, particularly above £3m, with Middle East and Chinese buyers currently being the most prolific.
London, UK (PRWEB) May 21, 2011
Winkworth’s latest quarterly review shows that although the number of foreign buyers in central London has fallen by more than half (56%) over the last four months as the economic conditions which made London property such an attractive investment option subsided, there has been a large proportional rise among investors from the Middle East. Unrest in the region has caused the proportion to grow from 12% to 20% as Arabian investors look for the security of central London’s bricks and mortar.
There has also been a steady stream of Chinese buyers - 13% of foreign buyers - particularly in the West End and Clerkenwell. Many traditionally buying for children studying at London universities but, more recently, increasing numbers are building up property portfolios.
Adrian Philpott, Sales Manager, Winkworth Estate Agents West End comments:
“In the West End there has been continued demand from international buyers, particularly above £3m, with Middle East and Chinese buyers currently being the most prolific. We have recently sold a number of flats in Leather Lane for investment purposes. These one and two bedroom apartments will make excellent rental properties and we have a number of investors looking for similar opportunities in the area”.
The report also shows that the rush of investors, overseas and domestic, entering the market during the first half of the year has caused the average time taken to sell properties to 7.5 weeks (from nine weeks in October last year), with a number of Winkworth branches reporting that quality properties are being snapped up in a matter of days.
For more information please contact Bola Sodeinde at Winkworth press office on +44 (0) 208 576 5598
Notes to Editors:
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. For further information please visit: http://www.winkworthplc.com
Winkworth Quarterley Analysis (Spring 2011)
The Winkworth quarterly review analyses trends and the outlook for the UK residential property sales and lettings markets. The data for the report is gathered from a monthly survey of franchisees and should therefore be considered as indicative rather than factual. Follow this link for a full copy of the report: http://www.winkworth.co.uk/public/static/MarketAnalysis_Winter_2010_11.pdf