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International investors still have taste for Central London residential

Say Jones Lang LaSalle in latest residential research

London, 27th February 2012 - International investor appetite for Central London residential property has remained strong during the first two months of 2012 say Jones Lang LaSalle in their latest Central London Apartments research.
Peter Murray, residential director at Jones Lang LaSalle said: “Despite the weak economic backdrop we have had an extremely positive start to the year in terms of overseas sales, transacting in excess of £75m with notable successes at various London schemes including The Heron and Merchant Square.”
Neil Chegwidden, residential research director at Jones Lang LaSalle goes on to say: “There are certainly fewer schemes being marketed and exhibited on the international stage compared to mid-2011 but the relative scarcity of product is creating competition and urgency. A vibrant rental market in London is also encouraging investors.”
The good start to 2012 comes on the heels of an uncertain end to 2011. However, Jones Lang LaSalle research reveals that prices at new Central London development schemes still managed to rise during the final quarter of 2011 despite a very challenging economic, political and financial climate.
Price growth averaged 0.2% during Q4 2011 meaning that prices at new central London residential developments finished 3.2% higher for the calendar year 2011.
Neil Chegwidden continued: “Schemes in more central areas continued to experience higher price growth during 2011. Core locations saw a 3.9% surge in prices with outer core areas seeing a slightly more subdued 2.5% improvement. Our research also reaffirms the outperformance of central London compared to elsewhere in the UK with the 3.2% price rise in sharp contrast to the 1.1% fall in national prices reported by Land Registry.”