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Why is the London property market so strong?

A number of property experts have released their forecasts for 2010 with some suggesting that the London property market, i.e. central London, will again be the strongest in the UK during 2010 and will bounce back harder and faster than any other area of the market. Some people are even suggesting that London property prices will hit pre-credit crunch highs in 2010, which would indicate the London is a law unto itself. So why is the London property market so strong?

There is no doubt that London was one of the first areas of the UK to be impacted by the credit crunch, due in the main to the high density of businesses and wealth in the area. London is also home to the UK financial arena and some of the most expensive houses in the UK are located in central London. However, it is rather bizarre to see London bounce back in such a fashion as to even contemplate a move back to pre-credit crunch highs in 2010.

While there is no doubt that investment in the UK will initially be targeted at Central London, whether this is property, financial markets or other investments arena, can we really believe these "blue sky" forecast. The truth is that London is in many ways a law unto itself and is often on a different economic cycle and timescale to the rest of the UK. However, time will tell as to whether the UK property market in London is set for boom times again.

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