Strong demand for luxury mansions

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The Independent Online

Despite widespread economic gloom, rich people's love affair with sprawling mansions continues. Figures published today show a 10 per cent rise in the number of luxury homes on the market compared with the same period last year.

Research by Investec Specialist Private Bank found that the strongest growth in the luxury-home market over the past quarter took place in Kent and Hampshire, where the number of properties worth more than £1m rose 42 per cent. The resilience was largely due to overseas buyers, drawn by the weak pound.