London property is a safe investment, claims property expert

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London property is a safe investment, claims property expert

Fri 19th Aug 2011

The slow housing market and unsure economic conditions mean investors are moving their money back to safe havens, with central London property being one of them.

Hugh Best, head of investment management at London Central Portfolio, has argued that what central London is witnessing is a return to safer forms of investing.

This is not just being played out nationally but internationally as "political and economic instability" drives people to get their money out, he added.

"Whenever there is any disruption around the world, people often fly to a safe haven," he said, adding that Kensington, Chelsea and Westminster are prime examples.

Overall mortgage lending slightly decreased in July according to figures released by the Council for Mortgage Lenders (CML), a decrease of six per cent in terms of value compared with July 2010.

In light of the results, although adding that housing market nationally remains stable, the CML's chief economist Bob Pannell claimed that house purchase activity could fall in the coming months.

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