Newspaper article from our research archive:

Foreigners prop up London property prices.

Byline: Catherine Boyle

Sep. 29--Record foreign purchases of high-end London homes are cushioning the market from the ravages of the credit crunch, research this week will reveal.

Foreign buyers account for a third of purchases in the [pounds sterling]1m-plus bracket, and about 60 percent of properties in the capital costing [pounds sterling]4m ($8.1m, E5.7m) and more.

The report, by estate agent Knight Frank, will help reassure investors and homeowners the London market is unlikely to crash, though prices will at best stall as City bonuses are cut and jobs lost.

In 2001, foreign buyers accounted for around a third of purchases in the [pounds sterling]4m-plus ...

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