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Indian buyers pour money in London property
6 Dec

A change to legislation in India has had a positive effect on London’s property market, enabling Indians investors and buyers to take more money out of their home country.

A report from buying agency Black Brick a sharp increase in sales from Indian buyers this year. That’s an increase of over 10% from the 2.6% sales accumulated from Indian buyers in 2015/16.

As reported on the Telegraph, a separate study by Cluttons found that in the space of 11 months - August 2016 to July 2017 - Indian buyers made up 22% of the sales high-end central London.The sudden and sharp increase in sales from Indian buyers in 2016 and 2017 correlate to legislation changes adopted by the Reserve Bank of India in 2015.

As the managing partner at Black Brick, Camilia Dell explains below, the changes mean that a family of four can now take out $1m as opposed to $400,000.“It means that a family of four, after one year, will have $1m to spend, and after two years $2m. It quickly adds up, and explains why a lot of our Indian clients are buying in the £1m to £2m range”, she said.

Furthermore, a fall in London prices caused by an oversupply of luxury apartments coupled with the fall in the pound has made the UK capital into a very attractive place for foreign buyers. In fact, prices some prime London areas have fallen by 14% since 2014.

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