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Cash-rich Europeans flood Prime London market

This is helping to sustain property prices in prime London postcodes, a trend which looks set to continue next year.

Andrew Ellinas, director of Sandfords, comments:

“Demand for properties priced between £1.5 and £4million in areas such as Marylebone Village is intense, resulting in quick sales. Such is the demand, that our sale property is on the market for an average of just seven days, with 90% purchased by cash buyers who do not need to worry about raising finance.

“The resilience and stability of the prime London market has always proved attractive to international buyers, but in the last few weeks we have had an increasing number of buyers from countries such as France, Italy, Germany and Spain."

Around a quarter of these international buyers are looking to make London their primary residence, while the rest are purchasing pied-de-terres as a means of diversifying their wealth and seeking some protection from likely turbulence in the Eurozone.

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