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Westminster is London's top performer

Thursday, 6 March 2008 12:00 AM

Westminster has overtaken the Royal Borough of Kensington and Chelsea as the strongest performing property hotspot in London.

According to research from the Centre for Economics and Business Research (CEBR), prices in Westminster increased by 22.1 per cent in the year to February - outperforming Kensington and Chelsea by 0.2 per cent.

Hammersmith and Fulham was rated the third best performing area, with growth of 20.7 per cent recorded over the previous year.

Across the country the CEBR also found moderate gains in UK house prices.

The organisation's research found the average UK property price rose by 0.2 per cent throughout February - representing a marked improvement on the 0.3 per cent fall recorded a month earlier in January.

"What is crucial is that the difference varies substantially by region - London and Scotland are still showing double digit year-on-year increases," said Douglas McWilliams, chief executive of the CEBR.

"Partially because of this, the top end of the market still appears to be stronger than the bottom end of the market."

The findings were confirmed by anecdotal accounts from estate agents in the area.

"Chesterton has witnessed significant growth in Westminster first-hand, an area where we have recently launched our new flagship office," said Chesterton chief executive, Robert Bartlett.

"The new Westminster branch has received an avalanche of new listings in the area on the back of this high growth and we believe this activity will continue for some time to come."

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