Wandsworth’s prime property prices see an influx

Tuesday, 29 May 2012 08:18

Wandsworth is the top spot for price growth in the prime property market according to new figures.
The prime index from PrimeLocation.com has revealed a whopping 29.3 per cent increase in asking prices in the London borough in the past year.
The prime index compares the asking prices of the top 25 per cent of homes on the market, dictated by value.

Most of these prime homes are located in the capital city and last month an influx in prices saw them hit a record high.
There was a 0.9 per cent price increase last month across the prime property in the UK to see the average property hit £478,797.
Wandsworth saw the most improvement with the average asking price for a prime home in the borough reaching £1,293,745.

“As the bad news rolls in from outside the UK and the economy stutters, the Prime market has been marching on regardless as the UK’s wealthiest home owners continue to prosper,” Nigel Lewis, property analyst at PrimeLocation.com said.
“With the exception of the North East, which is the only region to see prime asking prices fall every month in 2012.”

Other areas performing well in London include Lambeth, which saw an annual price increase of 23.7 per cent and Barnet on 21.9 per cent.
Overall prime property prices are now 13.7 per cent higher than one year ago.
 

Prime country property prices drop

Prime country properties have experienced a price drop while super-prime properties of £5 million or more continue to gain pace. According to the Knight Frank’s prime property index prices dropped by 0.5 per cent in the first quarter of this year.

Property market ‘surprisingly stable’

Homeowners in England and Wales saw typical property values fall by 0.5 per cent during 2011, latest figures show. However, London and Wales bucked the trend with annual price growth of 3.1 and 0.7 per cent respectively.

Prime country homes fail to keep pace with London

Average prices in the prime country homes market have fallen 1.7 per cent in the last year, failing to keep pace with equivalent property in central London. According to Knight Frank, the luxury rural market usually follows the prime London market, albeit with a lag of 18 months.

London property transactions down after 7% tax

The new seven per cent stamp-duty tax on properties priced more than £2 million is being blamed for a drop in sales in the central London market. London central prices continue to outstrip the rest of the UK but transaction numbers have started to decline.

Asking prices for prime London properties still rising

London’s prime market continues to leave the rest of the UK behind as prices for the capital’s most expensive properties jumped 3.4 per cent during the past month and 10 per cent over the past year, new figures show.

 

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