It took more than a year for Mark Hudson to find his six-bedroom home in the English countryside. Within weeks of moving in, he got a bid that topped the 1.75 million pounds ($2.8 million) the property cost.
London luxury-home prices rose at the fastest pace in five months in September as more buyers sought properties costing less than 2 million pounds ($3.2 million) to avoid a sales tax that was increased last year, Knight Frank LLP said.
London luxury-home prices rose at the fastest pace in five months in September, led by buyers avoiding increased taxes by purchasing homes worth less than 2 million pounds ($3.2 million), Knight Frank LLP said.
People living outside the U.K. accounted for about half of all new home purchases in London’s best neighborhoods as affluent investors sought a safe haven from turmoil in the Middle East and Europe’s debt crisis.
Luxury-home prices in central London are increasing in value twice as fast as the U.K. market as a whole as the weaker pound leads more overseas buyers to shrug off higher taxes and seek bargains in the most expensive neighborhoods, according to Knight Frank LLP .