Foreign buyers' bonanza as falling prices tempt canny overseas investors to the UK

Never has British property looked more appealing - for foreign buyers. They are jetting in from Switzerland to Singapore to pick up a bargain. And celebrities including actor Nicole Kidman and rapper P. Diddy are looking to capitalise on falling prices.The weak pound is a temptation to U.S. and European investors, who are making the most of exchange rates and snaring properties for 50 per cent less than a year ago.It's tax-efficient for wealthy Europeans or Americans to base themselves in Britain, but the stumbling block has always been the exorbitant cost of housing.Americans tended to rent, but the pound has fallen so steeply against the dollar that there is greater interest in buying.Singaporeans are buying in London and prestigious university cities, as their currency has strengthened by 25 per cent against the pound in the past year.
By Zoe Dare Hall in the Daily Mail