There has been a sharp increase in the number of British buyers purchasing residential properties in prime central London, reversing the recessionary trend of foreign buyers dominating the market, fresh figures show.
Data from EA Shaw, which was recently acquired by CBRE, reveals that British buyers are now spending more on prime property in central London than overseas investors, with Brits accounting for 59% of all buyers recorded by the prime property specialists, and are leading purchases of properties worth over £2m.
British buyers have committed more money to prime property year-on-year since the recession trough, suggesting that confidence in the market is improving, thanks in part to strong international investment in prime property in the English capital. High demand and a general shortage of properties, owed mainly to a lack of new homes in London, has helped to push prices higher in recent years.
At the very top end of the market, British buyers now account for two thirds of EA Shaw's sales, seeking properties over the £2m mark, often outside of the traditional high value areas of Knightsbridge and Chelsea.
Lisa Hollands, managing director of EA Shaw, said: "London property is known for attracting overseas investment, and during the recession the flow of cash from overseas has dominated the Capital's market. However, over the last year we have noticed a resurgence of British buyers spending large sums, and this has continued into 2013.
"Reassured by the stability of the market, British buyers are now cherry-picking the best of London's prime property, targeting high value, exclusive homes. They are attracted to the ‘collectors' items' - unique properties in the Capital in rare and sought after addresses. Areas such as Covent Garden are proving popular with Brits looking for luxury residential space in a bustling environment."