What are we doing buying property in Canada? Why didn’t we buy in London??
According to the website Zoopla, the number of properties in London and southeast England worth at least one million pounds (about $1.5 million Canadian) rose more than 10 percent this year as foreign investors helped boost demand.
“London homes worth a million pounds jumped 11.1 percent to 123,236 in 2010, the company said in a report today. That’s almost twice the 6 percent increase recorded nationally and the capital now accounts for more than half the U.K. total of 226,344. The number of “property millionaires” in the South East rose 11.9 percent to 56,026.”
So, lets move to South England, as it has been affected “far less by the mortgage squeeze as a result of the inflow of foreign money and the strength in the City keeping demand for million-pound pads at peak levels,” Zoopla Commercial Director Nick Leeming said in the report. “But the rest of the market and particularly the North have seen a steep decline.”
Nine of the 10 areas in Britain that feature the most property millionaires were in London, led by Kensington, where more than half of homes are worth more than a million pounds.