Indian buyers have become the second largest purchaser in Prime Central London, following a change in legislation increasing the amount of capital buyers can bring into the UK to $250,000 per person.

Indian buyers now account for 22 percent of sales, according to London Central Portfolio’s latest sales audit, representing a 5 percent increase from two years ago. In terms of value, Indian buyers represented a third of the total spend over the last 12 months, with their average purchase price of £1.77 million being slightly higher than the market average of £1.6 million.

In contrast, buyers from continental Europe have fallen significantly due to increased uncertainty following the UK’s Brexit vote, from 24 percent two years ago to 7 percent over the last 12 months

South East Asian buyers took top spot as the largest buying population, representing 36 percent of all purchases.

“London has remained attractive to international buyers as a safe haven asset class with the rule of law and proper title to property. As India has become a more challenging place to invest in with high loan interest rates and rising prices in the main urban centres, together with increasing global political and economic uncertainty, Indian buyers with a larger amount of capital to spend have increasingly turned to London as an investment destination of choice,” says Naomi Heaton, CEO of London Central Portfolio.

“As sterling has weakened against foreign currencies, representing a 20 percent discount for USD denominated investors compared with two years ago, we are now seeing Indian buyers becoming an increasingly dominant force in the marketplace.”