London Prices, Falling...

In his Raising the Roof Blog, International Herald Tribune writer Kevin Brass writes today:
Bad news continues for London’s luxury market. The latest Knight Frank Prime Central London Index found prices dropped 3.7 percent in January...On the upside, Knight Frank reports signs of increased viewing activity—up 65 percent from January of 2008—a trend also reported by Rightmove. Knight Frank also has seen more activity from foreign buyers, in particular from the Middle East and Europe... international interest in the London market:
The drop in prices has attracted more potential buyers. The fall in the pound against the dollar and the euro is prompting international buyers to look at London properties. Viewing levels last month were 65 percent higher than a year earlier, while the number of international buyers registering with a broker in January was 35 percent more than the year before.
It's not just London. We're seeing this in many markets, and often these international buyers are looking for good buys on best-of-class (in a given area/price point) or trophy properties.