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The Olympics Will Bring in New Property Investors
The Olympics will expose central London to a new wave of property investors, according to one expert who is predicting that much will happen in the capital in the coming months.
London property expert Steven Herd said the central London housing market is "certainly" having a good year, with sales volumes and sales values both higher than prior to the start of the credit crunch - significantly in many cases.
He explained that many properties coming on to the market are being snapped up by overseas investors, who are pricing UK investors out of the market by offering over the asking price and buying with 100 per cent cash.
"How much of this is down to the Olympics and how much is down to the fact that for many overseas investors, London has always been considered a safe haven in times of political or financial turmoil? It is hard to say," he commented.
Mr Herds said that, since the announcement that London will host the Games, he has been predicting a "boom" in prices on the back of the event.
He added that the "ongoing, worldwide financial woes" will hopefully be enough to keep investment flowing into the market after the event.
"We know that many of the previous Olympic cities we investigated saw property values increase substantially in the run-up to their event and many also then suffered property slumps following the event," he explained.
As long as the market does not tumble after the Olympics, the event will have exposed central London to a "new wave" of property investors from across the world and this could have quite a significant long-term impact, the expert
