Pound Increases Against Dollar As London House Prices Surge
Overseas buyers are flocking to buy homes in London's wealthiest areas, a report said yesterday. Home sellers are said to have increased prices for the third month running as a result.
The average property price in the country's capital increased 1.2% to £483,709 while properties in the most expensive districts of London are said to average £600,000, an increase of 3.4%.
London is attracting investors who want safer investments and luxury homes. Buying a home in some of these districts is almost a pre-requisite for wealthy foreigners.
Compared with the rest of the UK and Wales with house prices averaging at £236,76, the biggest decline in almost a year, London continues to rise high.
With this report, we saw the pound strengthen against the dollar 0.2%, but remains little changed against the euro.
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