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European property investors return to London

Interest in the London housing market among European investors has returned for the first time following the Brexit vote fallout.

The Times reports that the number of homes across the capital sold to a buyer from the European Union rose to 13 per cent in H1, up from 10 per cent in the same period a year previous.

The report is based on findings from Hamptons International estate agency and credits a drop in the value of the pound against the euro for the return.

The gains were particularly notable in prime central London, the most expensive areas of the capital, with the number of EU buyers up 5 per cent in the first half of the year to 15 per cent.

Prior to Brexit, EU buyers had accounted for 28 per cent of property transactions in Q2 of 2016, but this fell to 8 per cent by the first quarter of 2017.

And while investment is recovering, prices have been falling across London, with Coutts reporting last month that discounts of an average of 11 per cent had been applied to the capital’s property, with stock valued at over £1m most affected.

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