Foreign buyers pushing up central London house prices

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The proportion of foreign buyers soared from 53 to 68 per cent between June last year and this June, research by agents Knight Frank has found.

At the top end of the market, the proportion is even higher. Research director Liam Bailey said: "The weakness of the pound ensures that effective discounts available to foreign buyers are still very significant. Surveys over the summer found that seven in 10 London homes priced at over £5 million are going to foreign investors."

Agent Savills found British buyers being outnumbered by foreigners in Belgravia, Mayfair, Knightsbridge, Notting Hill and even Earl's Court.

Huntly Hooper, a Belgravia-based buying agency, says half its clients are international. Director Ollie Hooper said: "Middle Eastern buyers have always had a keen interest in London, but as the global economy grew in the late Nineties Russians and former USSR residents became dominant.

"More recently, the global economic crisis has produced a new type of buyer — the super-wealthy from China, India and Eastern Asia. Central London property is seen as a must-have for the world's wealthy, and national clusters are beginning to emerge."

Flats are more popular than terraces and townhouses. Hugo Thistlethwayte of Prime Purchase, Savills's buying business, said: "The Russians used to prefer standalone properties, but the new top-end developments which have a concierge service and very high security are also popular.

"Although recently closely associated with Knightsbridge, Russians along with Uzbeks have brought Mayfair back as a residential address. Middle Eastern buyers prefer the north of Hyde Park, Bayswater and Kensington, while Far Eastern buyers are often looking to buy for investment purposes and prefer new developments".

Click the image below to see who's buying where