Indian buyers become one of the biggest in London topping Europeans post-Brexit

The latest sales figures according to London Central Portfolio’s (LCP) audit has revealed that Indian buyers have become the second largest purchaser in Prime Central London.

Accounting for 22 per cent of sales, London has seen a notable surge of purchases from wealthy families in the region, who now represent the second largest nationality in the marketplace.

However, despite the significant percentage, this has been set against a declining number of European investors in London following the Brexit vote in June 2016 according to LCP’s audit.

The CEO of LCP, Naomi Heaton, said: “Despite two years of slower price growth due to tax headwinds and Brexit, Prime Central London has remained attractive to international buyers.

“As India becomes a more challenging place to invest in with high loan interest rates and rising prices in the main urban centres, together with economic uncertainty, Indian buyers with a larger amount of capital to spend have increasingly turned to London as an investment destination of choice.”

According to LCP, the average purchase price by Indian buyers at £1.7m has also overtaken the market average of £1.6m, with buyers from the region representing one-third of the total spend in terms of value.

In stark contrast, European buyers have fallen hugely due to increased uncertainty post-Brexit, from 24 per cent two years ago to just seven per cent in the past year. South-East Asian buyers took the top spot as the largest buying population, representing 36 per cent of all purchases.