The London Daily News

Property News Desk

London has seen properties sold for over £1 million grow by 67% in between 2008-2010, according to research by compiled by PrimeLocation.com.

International buyers are flocking to London to take advantage of the historically low value of sterling and are snapping up properties across the capital. London is seen as a safe haven for investments from foreign buyers, with large numbers of Arabs, Greeks, and Chinese buying real estate in London.

The South of England has the highest concentration of properties sold over £1 million with 31 per cent of properties in the south of England selling for over £2 million, with 6 per cent of properties valued at more than £5 million.

Central London has become a no-go area for Londoners with outskirts like Wimbledon, Highgate see rises in property prices.

Jonathan Nash, Head of Sales and Valuation Quintessentially Estates said:

"This is certainly the case, however more so within the prime central London areas.  Supply has been an issue with added strain from the slowdown in supply of new developments. The influx of international buyers due to the weaker pound has further affected the of lack of stock.  We have seen a new benchmark for price per square foot and whilst stock remains low this increase in million pound homes will continue to rise."