Overseas Investors See London Home Prices Dip as They Buy
Balconies sit in front of residential apartments as scaffolding stands around one of the chimneys of Battersea power station in London, U.K. on Friday, Sept. 20, 2013.
Photographer: Matthew Lloyd/BloombergOverseas investors are buying new tower apartments in London’s Battersea Park district just as existing home values there begin to fall. The area, which includes the Nine Elms neighborhood, was the worst performer in “emerging prime” London last year, broker Douglas & Gordon Ltd. said.
Existing home values in Battersea Park, which includes the area around Battersea Power Station and the new U.S. embassy, fell 2 percent after they led gains in 2013. That compares with an average increase of 5.4 percent in the 10 districts of London that the broker classes as emerging upscale neighborhoods because wealthy English people priced out of central London typically buy there.