London’s prime locations defy market trends
London's exclusive residential areas are still soaring in price in defiance of the current housing market trends, it has been revealed.
The capital's property market received a 20 per cent boost this year, with investment bank professionals taking advantage of bonuses by purchasing luxury homes, reports Bloomberg.
According to the Financial Times, agents estimate around 50 streets in London are host to homes that have been subject to a soaring in seven-digit valuations.
Jim Ward, head of residential research at Savills, told the newspaper: "A London address appears to be increasingly desirable among the global super-rich."
"Two-thirds of residential sales above £5m going to international purchasers," he added.
Research shows that the number of homes in London sold for more than £1 million has increased by nearly 100 to 271 this February compared to the same time last year.
With competition high among lenders offering mortgages for professionals, this could be the ideal time to invest in a prime London property and reap the financial rewards of foreign interest.
