Prime London UK property prices rise by 8%

1st Nov 2012

The market for properties for sale in London has always been its own mini market where prices often act far differently to the rest of the UK as a whole.

While Nationwide said this week (November 1st) that the average house in the country has seen its cost drop by 0.9 per cent in the past 12 months, a new report has shown that prime homes in London, with a cost of more than £1 million, have gone up in value by eight per cent.

Marsh & Parsons’ latest London Prime Market Monitor also notes that the surge in prices for the more costly homes in the capital has led to a greater proportion of them costing over the £1 million barrier.

It said that September 2011 saw 34.6 per cent of prime London properties costing more than this amount, but added that the figure had risen to 43 per cent within the space of just a year.

Peter Rollings, chief executive officer of Marsh & Parsons, said: “After the meteoric price rises seen in prime London in the past few years, the number of property millionaires in the capital has also shot up. Properties no longer have to be palatial to be worth £1 million if they are located in a popular prime area."

Posted by Staff Writer: ADNFCR-1286-ID-801480665-ADNFCR

© Zoopla Property Group Plc

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