theRatandMouse - London's property blog

MoneyMarketing has gathered a number of mortgage industry names who are concerned by the number of foreign cash buyers jumping on exchange-rate discounts and pricing Londoners out of homes. A spokesperson for Barclays:

I have heard about Japanese buyers viewing the London property market as down by 70 per cent on its value because of the price fall and the strength of the yen.

A number of interviewees also express concerns about money laundering... inherent in the nature of the cash transaction.

Technorati Tags: property, real estate

Overseas cash buyers are always a good thing for London - they buy at the top of the market, their money filters down the chain and always stays in property - London prices would not have held up as far as they have if the Italians, Chinese, Americans etc not moved so much of their money here.

IR.
www.largemortgebroker.co.uk