London house prices up 34% since March 2009

Monday, 04 July 2011 12:26

Central London house prices have risen 34% since March 2009 - and are set to climb further, according to a new report by Knight Frank.

The report says demand will continue to hold strong, but there will be more competition with more properties going on sale, so prices will rise more slowly in the second half of the year.

“More tellingly there appears to be a new wave of sales coming through, with the volume of properties going under-offer (sold subject to contract) rising by 52% year on year in June,” said Liam Bailey, head of Knight Frank Residential Research.

Prime London property prices rose 0.9% in June 2011, equating to annual growth of 8.3%. Prices are now 2% higher than their previous peak in March 2008.

Sales are also growing, with the volume of properties going under-offer (sold subject to contract) rising by 52% year on year in June. However, the number of exchanges fell year-on-year in June by 9%.

“While the number of exchanges fell year-on-year in June by 9%, this was not unexpected, bearing in mind the surge of sales prior to 6 April as buyers tried to complete their sale under the old 4% £1million stamp duty rate rather than the new 5% rate," said Mr Bailey.

Luxury London house prices on the up

The average price of London's finest properties has risen considerably during the last month, according to the latest housing data from Knight Frank. Intense demand from wealthy foreign buyers is thought to be the main driver behind the price growth.

London and the south 'prop up property market'

The latest house sale figures from Rightmove shows sales of premium property in London and the south is boosting the UK average house price. In fact, property prices in the south (£336,743) are now more than double those in the north (£164,347).

Country House prices rising steadily, says Knight Frank

The average price of a rural house in the UK has risen by 3.3 per cent over the past year, despite a small seasonal dip of 0.4 per cent in the final quarter of 2010, according to the latest Country House Price Index from Knight Frank.

Sales and prices on the up in London

The property market has had a ‘lively’ 2011, with the latest report from Douglas & Gordon showing London sales in particular are not slowing down. D&G have seen a 45% increase in new instructions compared with November last year.

House prices inch up 0.2%

Sluggish demand for homes and a rise in the number of properties on the market has kept house prices fairly stable in 2011 so far, according to the latest report from Nationwide. Their monthly report reveals that property values inched up 0.2% in July.

 

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