City bonuses boost London market


Thu 24th Jan, 17:22:37 GMT

London estate agents are still seeing significant demand from people working in the finance sector despite fears that the credit crunch would discourage City workers from splashing out on property this year.

After months of turmoil on world financial markets, some property experts had forecast that the large bonuses paid out to staff at major banks would not be as large this year but according to the Daily Telegraph, this has not been the case.

Nick Goble, of Winkworth, told the newspaper: "We may not be seeing the same record bonus figures, but nonetheless, millions will be paid out."

"There definitely are wealthy individuals around with bonus money to put into good family homes and buy-to-let property."

Peter Young, of John D Wood, explained that the flurry of activity sparked by City workers had a powerful impact on the market as a whole, explaining: "There is a bonus surge that raises values in London."

He predicted that buyers would spend most of their bonus money on properties which offer more space or a better location.ADNFCR-1143-ID-18440652-ADNFCR


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