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Wealthy Indians Continue To Buy Prime Properties In London

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Wealthy Indians Continue To Buy Prime Properties In London
Dipen Pradhan - 17 November 2019

New Delhi, November 17: Wealthy Indians continue to buy homes in London’s prime locations as the city continues to drive the UK’s super prime-property market. According to global real estate consultant, Knight Frank, there has been an 11 per cent YoY increase in the number of Indian homebuyers in London in 12 months to June 2019.

According to its report, London Super-Prime Sales Market Insight-Winter 2019, Mayfair, Belgravia, Hyde Park, Marylebone, and St John’s Wood are some of the prime locations in London that have emerged as top home buying destination for Indians.

The report reasons that an effective discount of about 20 per cent, along with the currency and price movements in prime central London in the period between the European Union referendum and October 2019 has benefited Indian buyers.

"The average age of super-prime buyers in London is falling with some 73 per cent of super-prime buyers below 50 in the year to September 2019, which was up from less than half at the start of 2015," noted the report.

In a separate study published recently by a private wealth law firm Boodle Hatfield, more than £500,000 residential property sales in London accounted for 89 per cent out of 416 sales in the UK in 2018-19. London leads more than £100,000 residential property sales, accounting for 93 out of 101 sales in the UK last year, the study noted.

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