Capital properties 'near bottoming out'

Posted: 23 Dec 2008 11:59:34 GMT

Estate agent Savills has released research explaining the possibility that the property market in London could see a return in value next year.

Following falls of 20 per cent since September 2007 and 8.7 per cent in the past year alone, even the normally-buoyant London property market has been suffering from the credit crunch.

However, it is likely that foreign investment will ensure London bounces back sooner than other areas.

Yolande Barnes, head of Savills residential research, said: "In previous downturns, it has always been overseas investors who pulled the prime London market out of the doldrums.

"An analysis of the combined effects of the housing market and currency fluctuations shows that prime London properties would now cost 50 per cent less to a new Japanese investor and 40 per cent less to a Hong Kong, Singaporean, Taiwanese, Swiss or eurozone investor."

Those hoping to make a sale should look at putting a property online, which can attract a much larger - and international - buyer range than a traditional estate agent.

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