Following a rather slow start to 2009 for commercial property sales, latest figures show that in the second quarter of this year investment in

London

commercial property bounced back, rising by 110% on the first quarter.

This marks the first time in two years that commercial property sales have increased, according to research from property agents Cushman & Wakefield.

Deals worth £1.43 billion were completed over the three month period; in

London

’s

West End

, £733 million of sales were recorded, making a leap of 250% from the first quarter, but a dip from the £928 million recorded in the same time last year.

However, the property agents have said that a further £275 million of stock is under offer in central

London

and another £167 million of deals have already been exchanged, but not yet completed.

The huge rise in sales has been put down to interest from overseas buyers who now see London – with its weak pound, lack of competition from UK investors and abundance of properties going at distressed prices – as something of a bargain.

Data from Cushman & Wakefield has shown that over 60% of all transactions in the

West End

were made by overseas buyers or funds.

“The central London property investment market is likely to be among the first to recover in Europe and the increase in activity is further evidence that overseas investors see value with yields at an historic high.” The survey stated.