Central London luxury home prices will rise 8% this year as overseas buyers take advantage of a weak pound, broker Savills said.
The average price of a £3m home in areas such as Knightsbridge and Belgravia rose 9.6% in the second quarter from a year earlier, according to the company. The quarterly gain was 3.4%. "Overseas demand has been much stronger than we expected," Lucian Cook, a researcher at Savills, told Bloomberg. "The big unknown is what happens in Greece - will it be a catalyst for more demand because of the outlook for the euro region?" Buyers based outside the UK have been competing over a below-average number of properties for sale in central London as they seek a haven for their wealth amid po...
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