Luxury property prices in central London are continuing to perform well as the global economic slowdown continues to boost demand for prime central London property among international buyers, many of whom are driven by the search for a safe haven for their assets.
Data from Knight Frank LLP shows that house prices in prime central London – from the West End to Notting Hill, as well as Canary Wharf – rose by 9.4 percent in 2012.
Reports like these are of course nothing new. For some time now, the prime central London residential market has seemingly defied the laws of gravity. Whilst the rest of the UK, Europe and the United States are generally showing, at best, weak economic growth, the central London market is booming.
While this incredible rise of London property prices has been much reported in the media and discussed by commentators there has been a notable lack of quantitative research and economic facts to investigate the main reasons behind the growth.
Over the next few months my aim will be to present you with a series of articles investigating the fundamental market dynamics and principal drivers behind the London property boom.
With the relaxation of exchange controls, increased foreign travel and greater availability of low-cost offshore mortgage finance, more South Africans are looking at foreign property ownership, particularly in London. Yet, most have no idea how to get started, or are just completely overwhelmed by the amount of incorrect information and the negative media hype.
Since 2008 my company, Smuts & Taylor Ltd, have assisted countless South Africans in making great returns in the London property market.
What makes Smuts & Taylor so unique however is that we do not only provide sought-after property investment opportunities but also guide our client through the entire process of investing offshore and the management of their London property portfolios.
Offering assistance at every step of the purchase process as well as lettings and management, we offer clients a hassle-free solution to building a profitable London property portfolio - even all the way from South Africa.
With the articles that follow my goal is to put some parameters around the whole topic of London property; to demystify the process; and to provide you the reader, with the same knowledge and advise we provide to our clients every day.
I hope in doing so I can provide the answers you have been looking for, give you the confidence you need to invest in London, but – above all – that you will use it to take your property portfolio, and your life, to the next level.