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London property prices 'continue their huge climb'

Monday, 26 April 2010 12:00 AM

The unusually weak level of sterling has partly contributed to the large increase in prime property sales activity over the last few months, according to an expert in central London buildings.

Naomi Heaton, chief executive of London Central Portfolio (LCP), made her comments in response to a survey from Knight Frank on April 21st that explained how London prime property sales in March 2010 were at their highest level since the market peaked in 2007.

She noted that foreign buyers are a major force in the capital's marketplace and devaluation has made entering the market as much as over 30 per cent cheaper for those earning money in euros or dollars.

Ms Heaton added that central London's global appeal and long-term growth prospects also contribute heavily.

The expert continued: "Whilst it has shown a good recovery, prices are still slightly lower than at their peak and now have two years of lost growth to make up. With the increase in transactions and the halo effect of the Olympic Games, this is likely to be recouped sooner rather than later."

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