Our London residential sales offices are reporting a dramatic influx of Euro-rich buyers, especially from Italy. In the period 8th-19th January our London offices registered 57 overseas buyers, 31 of which were Italian.

Weak Sterling and reduced values have seen Euro- and Dollar-rich buyers flock to London to snap up prime property, which in some cases for them is 50% less expensive than it was in early 2007. Property in London has dropped in value between 15-30% since the peak in 2007 and Sterling is now worth 20% less. These two discounts will make London very attractive to such buyers and may account for the significantly increased activity from UK buyers since November which we have already reported.