London is now the fourth most expensive city in the world for property.
It’s been boosted recently by an influx of money from abroad, buoyed by an exchange rate that makes UK housing look cheap.
London house prices, along with the other cities in the world top ten, increased by an average of ten percent in the first six months of this year say Savills. A total of £3.3 billion was spent on prime property in our capital in 2010. That’s in stark contrast to the rest of the domestic market which is positively fragile.
London is just behind third spot Paris which boasts a price of £3,200 against London’s £3000 per square foot. But both have a long way to go to compete with Hong Kong as the global leader with typical property values at £6,700 per square foot. This is followed by former front runner Tokyo at £5,190.
To think that it’ll cost you ten times as much as online estate agents eMoov charge in selling fees, just to buy twelve inches of City real estate.
Wow, we ARE good value!