Prime central London property continues to rise
6th Feb 2012
There has been another rise in the average value of prime central London property as the market continues to exceed expectations.
According to the latest data issued by Knight Frank, the price of prime central London residential property rose by 0.9 per cent in January, with the home values of prime property in the City and City Fringe areas rising by an average of 0.8 per cent across the month
This latest rise pushed the three-month rate of growth to 2.7 per cent, which is the highest rate since July 2011, while annual growth now stands at 11.9 per cent, with prices rising 42 per cent since March 2009.
Liam Bailey, Knight Frank's head of residential research, said the strength of London's luxury sector, against a backdrop of economic difficulties both domestically and globally, has surprised many over the past year.
He noted that there has been sharp growth in the number investors looking for a safe-haven location for at least part of their wealth portfolio.
The sector leading price growth at the current time is the £1m-£2.5m segment, which provides a perfect investment lot size for investors. Recent price growth reflects a healthy increase in demand, new applicant volumes are up by ten per cent over the past year, compared to stock volumes which have risen by only six per cent.
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