Indians turn 2nd largest buyers in London property market
Indians are the second largest buyers of property in the prime central London property market after the British-based buyers. As per Clutton Research report, the uncertainty that followed after Brexit and Donald Trump’s election as US President led to the phenomenal rise of Indians in this high-profile realty market.
Faisal Durrani, head of Research at Cluttons said that Indians are the biggest beneficiaries of the slowdown in London’s realty market. “International investors to benefit most include those who bought in Indian Rupees, as their property would have appreciated by 66% if it was bought during the last market peak in Q3 2007,” said Durrani in his report for Cluttons research.
Durrani made it clear that it is due to the pound’s weakness and constant fluctuation in the Foreign Exchange market that is cementing this trend. “The significance of currency fluctuations is often overlooked and this is understandable given the relative strength of sterling in recent years against most major global currencies. However, the current weakness of sterling which has been in large part fuelled by the looming Brexit referendum, coupled with a 35% rise in average prime Central London values since 2007 means that some international buyers are in quite an enviable position”, added Durrani. Following the effect on realty markets, real estate companies are confident that this would fetch them better deals from foreign buyers in prime Central London locations such as Kensington, Chelsea and Westminster