London house builders target cash-rich Indians

London, September 3: As Britain's housing market continues its downward spiral due to recession, London's biggest builders are targeting cash-rich investors from India and other emerging economies to stay afloat.

A pad in London is avidly sought by upwardly mobile Indian and other foreign entrepreneurs who see the metropolis as a safe and attractive destination.

Property dealers in London have reported sales to several foreign investors, including Indians. A weak pound sterling has added to the attraction of buying houses in Britain.

Housing industry sources say foreign buyers bought more than half of the London homes that sold for more than 2 million pounds each in 2009.

The snapping up of houses in London by cash-rich foreign investors has sparked some concern that prices will remain artificially inflated, which will make it difficult for local British buyers to enter the market.