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TODAY'S OTHER NEWS

Investors' influence growing in prime London says agency

Investors are extending their influence over the property market in prime central parts of London according to agency Marsh & Parsons.

The agency, which operates 24 offices across central, west and south west London, says the proportion of PCL purchases made by investors has risen eight per cent in the past year.

This means investors now account for 42 per cent of all PCL property sales in the past quarter - increasing from 34 per cent in the same quarter a year ago.  

Simultaneously, the agency reports an upswing in foreign buyers in PCL. They now make up 34 per cent of all sales in the second quarter of this year - it was 30 per cent in the same quarter of 2014. 

The agency says this is down to increased numbers of European buyers of all nationalities coming to live and work in London.

Marsh & Parsons confirms that prime central areas command a significantly higher price per square foot than properties elsewhere in the capital.

The average square foot price of property in central locations such as Holland Park, Notting Hill or Kensington and Chelsea is some £1,516 - that’s 27 per cent higher than the capital-wide average. 

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