Drop in London property prices a drawcard for foreign investors

London is still a hotspot for European house hunters, according to research by home rental website Spotahome.
Spaniards, Germans and Italians are regulars on the online site, but the French top the list, totalling more an a fifth of all house hunters on the website.
Meanwhile, house prices in London have registered their first annual decline in eight years with a third of owners selling their homes for less than their original asking price.
Data from Nationwide shows that average prices in the capital fell 0.6 per cent for the year to the end of September, with the average price of a home dropping to £471,761.
A report in the Guardian says “a combination of unsustainable growth in prices, higher stamp duty on second homes – which has affected the London market more than any other region – and Brexit fears, were all weighing on prices in London”.
Last month, a Clerkenwell property had its asking price slashed from £8 million to £4 million in what experts described as “one of the starkest examples of a post-Brexit referendum market slump”.
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK property and business market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
For further information contact Steve Govey or your usual Beavis Morgan Partner.