Prime central London property prices surge again
Wednesday, 28 September 2011
1:41 PM
The crisis in the Eurozone has driven top property prices in central London even higher, according to a new survey by Knight Frank.
The consultancy’s Prime Central London Index shows that prices rose 11.4 per cent in the year to September to reach an average of almost £4 million. That translates into an average rise of £1,117 per day.
Prime central London prices are now 4.5 per cent higher than their previous peak in March 2008.
Liam Bailey, head of residential research at Knight Frank said: “If there has been an impact from European and global financial and economic market turmoil over the past few months, it seems only to have pushed more buyers into the central London market.”
Price growth was strongest in Kensington and Chelsea, with both seeing an increase of 14 per cent over the last year.
But Bailey says the strong increases have not discouraged buyers from entering the market and the growth in demand has easily absorbed an increase in stock for sale without forcing prices down.
Other key drivers are seen as low interest rates and the weak pound, with some buyers from Asia-Pacific still able to buy at a 25 per cent discount on 2008 prices.
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