New York property has recently overtaken London as the number one destination for property investors.

This is the first time London has not been at the top spot since 2007. This is thought to be due to the easier access to finance in the US, meaning more people are able to purchase property in the USA.

In the last year to August, investments in the New York area grew by an astonishing 166%, totalling $29.7 billion. London investment grew by only 2.4%, to $27.2 billion, according to a new report.

There is a huge attraction to big cities amongst property investors, with many looking for the “biggest and best” the report said, and the interest is expected to remain high for the coming six months.

It is harder to find easy financing in other parts of the US, the report said, and New York has done so well due to tighter lending rules away from the city, with the property market in other areas being “very focussed on prime, leased assets only.”

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