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Investors urged to look at Central London property

Wednesday, 9 November 2011 11:15 AM

Average house sale prices in well-heeled Westminster have broken through the £1 million barrier for the first time, according to Land Registry figures.

Prices rose seven per cent in the last year to £1,006,407 and prices in London Central (Westminster and Kensington and Chelsea) rose by 8.7 per cent. That compares with prices down two per cent in England and Wales as a whole.

Now property investment firm London Central Portfolio (LCP) is urging investors to take advantage of the area's resilience in troubled economic times through its third property fund, London City Apartments.

Naomi Heaton, CEO of LCP, said: "Average prices in prime London Central now stand over 15 per cent above the pre-credit crunch peak.

"It is clear that investors still recognise the value of London's premier real estate as a safe haven investment, as well as a hedge against inflation and politico-economic instability elsewhere in the world. For the time being, Eurozone buyers are likely to be leading the pack.

"There are relatively few places to park your money at the moment where you are unlikely to lose the shirt off your back, but prime London Central residential is one of them."

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