Jay Z, Beyonce buy home in London

London: Singers Beyonce Knowles and Jay-Z have decided to invest in a posh townhouse here following excessive expenditure on high-end hotels.

They have invested in a five-bedroom house on the recommendation of their close pals, reports thesun.co.uk. Knowles gave the task of finding a suitable home for her family to her entourage, and a deal was struck this week for a posh property near where "X Factor" boss Simon Cowell, Virgin chief Sir Richard Branson and director Michael Winner live. "Both Jay-Z and Beyonce are going to be spending a lot of time in London over the next few months. Jay is over here for his Watch The Throne Tour and Radio 1`s Big Weekend and Beyonce will be launching her perfume in Europe over the summer," said a source. "They wanted to have somewhere more homely now that they are parents," added the source. Knowles gave birth to daughter Blue Ivy Carter in January. IANS