UK property is a safe haven for investing
Despite financial problems having been prevalent for the last five years in Britain, and the UK property market suffering as a result, it has been reported that the country continues to be a safe haven for investors.
Foreign property buyers in particular are increasingly coming to the UK to find themselves the best deals with hope of a recovery in the future.
This view is currently being backed by the fact that house prices across the country are starting to edge up once again, slowly but surely.
According to the latest figures released by the Office for National Statistics (ONS), prices have been on the rise.
It said that in the year up to the end of May 2012, house prices across the UK increased by a total of 2.3 per cent. They edged up in five of nine areas of England and Wales, with London seeing the biggest increase of the whole country.
And Selwyn Lim, director of MousePrice, has said that this rise can be attributed to the fact that the eurozone problems are making it seem better for foreign investors to come to the UK.
Mr Lim said that the country is seen as a "safe haven" away from all the financial issues seen in places such as Greece and Spain.
"That can be a double-edged sword [...] and possibly this could be a reason why we are seeing prices in London increasing as wealthy individuals from around the world are bringing money to the capital."
He said that much of the investment coming into the country however, is heading toward London, which in turn is sending the prices in the capital spiralling ever higher where much of the rest of the country sees only mild increases.
It is thought that investment levels in London could be set to increase further in coming months thanks to the showcasing of the city during the Olympics which take place in Stratford.
Posted at 04:52 20/07/2012