Sales of houses in central London have been predicted to rise by one property expert.

Naomi Heaton, chief executive of London Central Portfolio, said markets in the capital are currently running at 35 per cent lower than they were in 2007, with 5,158 sales completed in the year to April 2010.

She stated that as the levels of purchases start to get back to their average it may be as a result of increasing numbers of foreign buyers, as individuals look for an investment that will offer some stability.

The market slipped slightly as a result of the election and the emergency Budget, Ms Heaton explained, but as capital gains tax did not increase as much as had been feared it may begin to tempt more people into buying throughout the rest of the year.

A report by the Land Registry recently found that the average property price in London increased by 0.7 per cent in May this year to £338,708.

Written by Paul Governor

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