House prices up 50% in capital hot spots in just three years as super-rich foreigners buy sought-after propertiesPrices 16.5 % cent higher than before the financial crash three years agoLondon’s property market outperformed the likes of New York and Paris
‘Sales to Russians, US and Indian buyers remain the most prevalent, however. Between them they made up over 15 per cent of all sales last year.’ South Kensington, where the average house price tops 1million, drew the largest number of international buyers, with a staggering 76.5 per cent of all property in the area bought by foreigners last year.
The suburb is seen as a ‘safe haven’ for investors, with house prices quadrupling in the borough over the past 15 years.
Other expensive areas, such as Knightsbridge, Hyde Park and Belgravia were also popular.
One Hyde Park, in Knightsbridge, holds the record for the most expensive property in the capital after it sold for a staggering 140million – 870 times the current British average house price of 161,000 – in late 2010.
The six-bedroom flat covers two floors and boasts views across the Serpentine. It was bought by Ukrainian billionaire Rinat Akhmetov, who is estimated to have built up a 10billion fortune thanks to his investments in steel and coal.