Worried Europeans buy London property

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LSL, which bought London estate agent Marsh & Parsons last year, has seen plenty of European buyers seeking a bolt-hole from the region's debt woes during the past six months.

Embley adds: "We are not talking about the super rich here, we are talking about middle-class professionals, some of whom need a mortgage."

The buyers are in the market for houses and flats "anywhere between £400,000 and £1.2 million" - hardly on the level of billionaire Chelsea owner Roman Abramovich, pictured - with recent interest notably from French professionals. The biggest problem the London market faces is a shortage of stock, according to Embley, who warns of further price rises ahead in the capital as a result.

LSL, which also owns Your Move and Reeds Rains estate agents, saw pre-tax profits halve to £17.6 million last year, as results felt the brunt of the Marsh & Parsons deal, although analysts expect the London agency to add around £7 million to underlying profits this year.

Nationwide's house price index showed further buoyancy for the market in February as prices posted their strongest monthly jump in nearly two years.

The 0.6% rise to £162,712 in February is the highest since a 1.3% month-on-month increase in April 2010, although analysts have put the higher demand down to buyers looking to beat the rush before the Government's stamp duty exemption ends
on March 24.