London is home to thousands of financial sector employees who will be breathing a collective sigh of nervous relief over the conciliatory noises coming from the direction of both the European Union and the UK in relation to euro clearing operations. While landlords are concerned with speed of letting and tenant retention, the impact of tentative confidence in the financial sector on the London sales market cannot be overstated.
There has been a second consecutive month of stability in the prime central London market, which is showing encouraging signs. Sales in the £1-2 million bracket were up 13.8% in the first six months of this year compared with the same period last year and £2-5 million sales were up 6.8%. These increases, combined with the weakened pound, are evidence of the opportunities which remain available to foreign investors.
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