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with the rest of England, the London property market has been hard hit by the
global economic turn-down. Adding to the problem of a tumbling stock market,
changes in non-domicile tax laws led to a decline in prime residential
property. The new annual levy of £30,000 has driven many wealthy foreigners
working in London out of the city. The years 2007 and 2008 saw a sustained
downward trend in sales for residential and commercial properties in London.
Londonís commercial property market has been especially weakened. A number of
high profile building projects were canceled due to lack of funds. A major
tenant withdrew from a planned office tower in Londonís financial district. A
$433 million waterfront project was pulled earlier this year.
Central Londonís commercial real estate plummeted by seventy-six percent over
the same first quarter 2008. The abundance of affordable property, however,
has made Central London attractive to foreign investors. This has led to
cautious optimism among buyers. Capital investment in London West End
increased one hundred and ten percent during the second quarter of this year
when compared to the first quarter.
There are signs that the worse is over. After a two-year downward spiral, peak
prices are being paid for prime property. Eager buyers with available funds
are seeing buying opportunities in Londonís real estate market. The conviction
that the economy is about to turn is sparking renewed interest in London
Central London appears to be leading the anticipated recovery. Residential
property prices continue to rise, and sales are up by ninety percent compared
to early 2008. The lower end housing market rose more than 5 percent earlier
this year, while the £10 million and up market rose by 2.4 percent. Multiple
bids on the same property have driven residential property prices up to peak
Sales of central Londonís commercial property have seen an upward turn, mainly
due to continued strong overseas investments. This interest is seen as a
prediction for a turnaround in the commercial property market.
London has much to offer. As a major tourist attraction and business center,
it is anticipated that London real estate will soon be at the forefront of
Englandís financial recovery.
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