"Meanwhile, UK ‘lifestyle’ buyers are being more cautious and in no rush to buy, particularly where something is deemed over-priced. International money continues to
dominate in the Home Counties with heightened activity at the top end of the market. We anticipate that this will continue with the ongoing low interest rates and weak sterling."
Paul Frost, buying agent in the Home Counties region for The Buying Solution, said: "The top end property market (£5million-£30million) in the Home Counties has been extremely active in recent months especially in north Surrey with a huge amount of international interest, primarily from Eastern Europeans buying in areas such as Esher and both of the renowned Wentworth and St George’s Hill estates.
"The prime areas of the UK continue to be viewed as good, safe, tangible investments. This is further driven by the historically low interest rates and favourable exchange rates.
"Further out of London, the market is more hesitant. Buyers are more school and lifestyle driven and whilst the London pull is still very strong, there has historically been less impact from international buyers.
"This slight uncertainty produces a ‘flight to quality’ with buyers being cautious. While there are a good number of cash buyers in the market, there is no real urgency to
purchase, so anything that is over-priced or considered blighted, won’t attract offers. However, ‘best-in-class’ properties in popular areas are still selling well."
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