The number of foreign buyers of residential propery in London is often being exaggerated. In fact, they are only 7%, while the remaining 93% of transactions are made with the subjects of the United Kingdom, writes ee24.com following The World in London report by Savills.
The large number of overseas buyers is a real fact, but only when it comes to luxury housing. In the prime sector of real estate, which represents a 8% of the most expensive acquisitions there were 32% foreigners during the last 18 months, but 88% of them have bought houses and apartments not for investment purposes, but for own residency.
Yolande Barnes, director of research at Savills, believes that the report has dispelled the myth that foreigners leave London property vacant or rent it out, using as a safety cushion. Most purchases are being made in order to live there, especially when it comes to the secondary market.