Prime central London property prices leap 10% in a yearMonday, 01 August 2011 12:26
The cost of prime property in central London has risen by 9.6 per cent over the last 12 months and is now 35 per cent higher than the March 2009 post-credit crunch trough, new figures indicate.
Knight Frank’s latest analysis shows prime London property prices rose by 0.7 per cent during the month of July.
Noel Flint, the group’s head of London Residential, said that once again the main reasons for high strength demand are overseas purchasers and low stock levels.
He said: “In the last month our offices have seen more interest from buyers from continental Europe, possibly due to the ongoing eurozone crisis, as well as London providing a more cosmopolitan lifestyle.”
Middle Eastern buyers have, as always, been key to the market, but with an early Ramadan their time spent in London has been shortened, Mr Flint said.
But he added: “We do expect to see a second window in early September as they continue their search for a London property while enjoying the cooler climate.”