With home prices in prime central London falling, cash-rich buyers go hunting for bargains

[LONDON] High mortgage rates and a squeeze on borrowing in the UK have dampened demand and increased the uncertainty surrounding London’s depressed residential property market.

Analysts said that this trend will likely pique the interest of cash-rich buyers – both in the UK and those from overseas – who are looking for bargains and long-term opportunities in the British capital.

The average prices for homes in prime central London have fallen by 12 per cent since their peak in 2015, while those of flats are down 18 per cent, said Grainne Gilmore, the director of research at Cluttons, one of the largest estate agency networks in the UK.