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London’s rich sell as foreign money pours in

Britain’s rich and famous are moving out of central London’s most up-market districts and being replaced by wealthy overseas buyers, according to new research.

imageSavills, the estate agent, says £3.7bn of foreign money is pouring into the prime London housing market every year and especially into areas such as Mayfair, Kensington, Notting Hill and Chelsea.

The demand is leading to UK owners selling their homes and moving to outer London, creating a “champagne tower effect” with the distribution of wealth in the capital.

Savills’ report, called World in London and published on Friday, says British sellers of homes in central London have outnumbered British buyers by 30pc this year, compared with 5pc in 2008. Meanwhile, foreign buyers have outnumbered foreign sellers by 58pc in 2011, up from 23pc in 2008.

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