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Record year for London house prices

Tuesday, 12 December 2006 12:00 AM

House prices at the top end of London's property market are up 26.6 per cent since last year, the highest rise for 18 years.

That is according to central London property specialists Knight Frank, whose latest survey finds house prices in the capital were up 2.8 per cent in November, the ninth consecutive month of price growth.

The estate agent reports this is the second year running there has been no traditional winter slowdown for house prices, in a sign City bonuses are affecting the market even before they have been received.

"The big story over the past 18 months in central London has been sharp demand growth, met with an equally sharp downturn in supply," commented Knight Frank's head of residential research, Liam Bailey.

He added: "The impact of demand from the City has meant that the traditional end of year slowdown is increasingly becoming a thing of the past in London.

"The normal sales pattern for the UK has always been that we have two market upturns - one in spring and the second in autumn, together with two market downturns, summer and winter.

"London has always been a little different - with demand from new workers starting jobs in autumn meaning the summer market can remain fairly strong."

Mr Bailey explained the record annual growth is down to an "upwards shift in demand" in December 2005 that has not slowed this year.

"If anything we are moving into this year's bonus season with demand at a level even higher than the level we saw last year. Viewings were 40 per cent higher and applicant registrations were 27 per cent higher in November this year compared to November 2005," Mr Bailey concluded.

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