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Foreigners prop up London property prices.
- Article from:
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Sunday Business (London)
- Article date:
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September 29, 2007
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Copyright informationCOPYRIGHT 2007 Sunday Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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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