London-based Douglas & Gordon reports that prices of prime Central London property moved up in the second quarter of the year with an overall increase of 5.8% taking the total for 2011 to 10.8%.
This surge has been led by the market for houses where prices have increased by more than 10% in the quarter. Prime London continues to attract significant foreign investment which is chasing property, the supply of which is down year on year by 25%.
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Britain’s most expensive homes, once reserved for the richest of the aristocracy, have been snapped up by billionaire sheikhs and eastern European oligarchs in an extraordinary spending spree.
An analysis of the 20 most expensive home sales in Britain shows only one British buyer: Bernie Ecclestone, the Formula One billionaire, who spent a total of £101 million on property for his daughters Petra, 22, and Tamara, 27.
In a further sign of the shift towards international wealth, Britons featured far more prominently when it came to those giving up their properties.
