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US Purchasers Shun London Residential Property

LONDON-A new survey from Knight Frank shows that US purchasers have become reluctant to commit to residential purchases in London. From 12% of the market last year, North Americans now only account for 5% of the market.

By Steve Killick | Updated on July 25, 2001

The turbulent US economy has led to a withdrawal by North American buyers from residential property in central London according to a report released today. AgencyKnight Frank has published its London Residential Review, which shows thatUS take up in the first six months of the year has plummeted from 12% of allprime transactions to barely 5%.

The good news as far as London estate agents and vendors areconcerned is that the gap has been filled by purchasers from Europe, theMiddle and Far East, and Australia. Despite the weakness of the Rand, SouthAfricans are also making an impact, as are buyers from India.

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