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Marc Da Silva

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It is booming in the UK property market if you know where to look.

Despite the global economic uncertainty and the Eurozone woes, the London property market is bucking the trend by continuing to strengthen. This is being fuelled primarily by a fundamental housing shortage, particularly as far property for sale in Primrose Hill is concerned.

Demand for houses and flats for sale in Primrose Hill is growing, driven in part by rising activity among international homebuyers wanting solid assets.

While home prices have been falling across much of the UK, stark regional declines are being counter balanced by strong capital growth in London, including Primrose Hill.

The general shortage of property for sale in London extends to neighbouring areas like Baker Street, St Johns Wood and Marylebone.

Property for sale in Marylebone, in particular, is in short supply. This again, is largely due to the influx of overseas nationals buying properties in London, while a growing number of overseas nationals are also now looking at property to rent in London.

The majority of foreigners moving to London do so because they perceive the market to be a safe place to preserve wealth as they face political, economic and financial upheaval in their home markets.

Research shows that Greek buyers more than doubled their spending on properties in prime London in 2011 as riots raged across Athens, while the Italians have more recently overtaken Russians as the leading buyers of prime London properties. Buyers from Asia also remain very active in the English capital.

Andrew Ellinas, director of Sandfords, says that there are not many places in the world that match the long established property market of London a truly cosmopolitan city and a centre for wealth and investment of wealth.

"We are witnessing a flight of capital [into the London property market] from the countries most at risk of economic meltdown, notably Greece, Italy, Portugal and Ireland," said Ellinas.