London 'the first place' for foreign private wealth investors

Foreign private wealth investors look to London first for asset purchasing, according to one market expert.

The stability of the country, its economy and global standing all mean those looking to purchase property abroad turn to England, claims Ed Mead, director of independent London estate agents Douglas and Gordon.

He noted those with private wealth "want to buy here if their countries or their currencies are looking under pressure", adding: "It is the first place they think of in the world for going to buy a property."

This may alert Britons with significant personal assets to the value of buying a home in their own capital city, as prices would be likely to remain stable and there should always be good demand from overseas speculators.

Savills reported on Tuesday (August 17th) that in the first seven months of 2010, the total value of properties worth more than £5 million sold in London amounted to £1.6 billion.  ADNFCR-2318-ID-800031604-ADNFCR