Wandsworth’s prime property prices see an influxTuesday, 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.