New figures from Savills suggest that business confidence in London grew during 2011, despite a tough economy, after residential prices in the Capital saw a substantial rise.
Residential prices in some of London’s most priciest areas rose by a massive 10% during the year leading to speculations that the record year-end prices are providing early indications of a renewed business confidence in the Capital.
Interestingly the largest amount of residential interest came from overseas with 55% of sales during 2011 represented by international buyers. Geraint Evans, sales and marketing director at Avanta Managed Offices, said that this strong international interest demonstrates a particularly inspiring boost of confidence for the Capital. He commented: “These international business leaders will help attract investors, wealth and jobs to London and that provides a positive outlook for the future.”
In the face of the recession Avanta Managed Offices, which runs 15 flexible office space centres in central London, also saw record-breaking interest from businesses looking for office space during the past year. The operator has seen an overwhelming surge of new business interest for London areas and Geraint added: “This massive injection of overseas cash into the Capital property market confirms our own year end figures which reveal that we achieved an average of 90% occupancy across all of our centres – the highest average figure we’ve ever witnessed.”
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